Here’s the latest on the debt ceiling.

WASHINGTON — President Biden and Speaker Kevin McCarthy emerged from a essential assembly on the White House on Tuesday with no consensus on the best way to finish their deadlock over the federal debt and spending simply weeks earlier than the nation is about to default on its obligations for the primary time in historical past.

With the American and maybe the worldwide financial system hanging within the steadiness, the assembly was the primary such session between the Democratic president and Republican speaker since February. But the 2 sides caught near their opening positions, with Mr. Biden demanding that Congress elevate the debt ceiling unconditionally to keep away from a default and Mr. McCarthy insisting that such a transfer be accompanied by severe spending restraints.

“We need to take the threat of default off the table,” Mr. Biden pressured after the assembly in a news convention. He described the dialogue as productive and stated that he and congressional leaders would meet once more Friday.

“Everyone in the meeting understood the risk of default,” he stated.

But his chief rival within the dialogue was unhappy with the assembly. “I didn’t see any new movement,” Speaker Kevin McCarthy instructed reporters. He stated he requested Mr. Biden “numerous times” if there have been locations within the federal funds they may discover “savings” — that means cuts. “They wouldn’t give me any,” he stated. That is in line with what the White House has publicly stated: Mr. Biden wouldn’t tie any cuts to elevating the debt restrict.

Senator Mitch McConnell, the minority chief, insisted that the United States wouldn’t default. “What we have here, is we’re running out of time,” Mr. McConnell stated. Mr. McCarthy has recommended {that a} deal needs to be hammered out within the subsequent two weeks to depart sufficient time for laws to be handed.

For the Democrats, Senator Chuck Schumer, the bulk chief, stated that within the assembly, Mr. McCarthy refused to vow that the United States authorities wouldn’t default.

“There are probably some places we can agree, some places we can compromise,” Mr. Schumer stated about federal spending. But that has to happen individually, not as a part of debt ceiling negotiations, he stated, sustaining the White House line.

Here’s what else to know:

• The leaders will meet once more on Friday. In latest years, such standoffs haven’t been resolved till hours or days earlier than a deadline — or the deadline is prolonged.

• Mr. Biden recommended he may miss the Group of seven leaders assembly in Japan subsequent week so as to resolve the debt restrict. “It is possible,” he instructed reporters.