The meeting at the White House on Tuesday between President Joe Biden and House Speaker Kevin McCarthy failed to result in any agreement on the U.S. debt ceiling, The Wall Street Journal reported.
The U.S. government could default on its debt as early as June 1 if Congress fails to raise or suspend the borrowing limit.
Senate Majority Leader Chuck Schumer, House Minority Leader Hakeem Jeffries and Senate Minority Leader Mitch McConnell were also present during the meeting.
After the afternoon meeting, Biden said the U.S. would not default on its obligations and that “politics, posturing and gamesmanship” will continue in the coming weeks.
The president said negotiators should focus their discussions on “how to lower the deficit to put our fiscal house in order, but…we need to take the threat of default off the table.”
The meeting is expected to lead to a series of talks to reach an agreement on government spending, according to the report. Biden and congressional leaders will meet again on Friday.
The White House recently presented analyses of the potential economic impacts of several debt ceiling scenarios, including a brief default and a protracted default.