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1:05Now PlayingNo debt limit deal made during Biden, McCarthy meeting at White House | USA TODAY
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1:05Now PlayingPresident Joe Biden says he'll continue to have talks with House Speaker Kevin McCarthy on raising the debt ceiling as the default deadline quickly approaches.
RELATEDDebt ceiling negotiations could have farreaching impacts beyond its resolution
An Oval Office meeting Tuesday afternoon between President Joe Biden and top congressional leaders failed to produce a breakthrough in the standoff over raising the debt ceiling as the U.S. lumbers toward a potential default by the end of the month.
"I didn’t see any new movement,” Republican House Speaker Kevin McCarthy said after a one-hour meeting that saw the president and congressional leaders of both parties dig further into positions they've held for months.
The U.S. faces a June 1 deadline to raise the debt ceiling to avoid a government default and a potential economic crisis.
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