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

With the American and maybe the worldwide economic system hanging within the stability, 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 increase 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 harassed 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 advised reporters. He stated he requested Mr. Biden “numerous times” if there have been locations within the federal price range 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 advised {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 current years, such standoffs haven’t been resolved till hours or days earlier than a deadline — or the deadline is prolonged.

• Mr. Biden advised he would possibly miss the Group of seven leaders assembly in Japan subsequent week with the intention to resolve the debt restrict. “It is possible,” he advised reporters.