U.S. House Speaker Kevin McCarthy has said that he and President Joe Biden had a productive talk but have not yet reached a deal to avert a catastrophic U.S. debt default.
The two sat down at the White House for more than an hour Monday evening. Earlier, Treasury Secretary Janet Yellen warned that it is now "highly likely” her department will run out of sufficient cash in early June and that default could come as soon as June 1.
"The tone tonight was better than any other time we have had discussions,” McCarthy said as he emerged from the meeting. The two leaders, he said, "had a productive discussion. We don’t have an agreement yet.”