Debt ceiling negotiations: Joe Biden and Kevin McCarthy pledge more talks amid partisan rancor

to pay the nation's bills, but told reporters at the G-7 summit in Japan that there probably isn't enough time before a proposed deadline of June 1.- which says the"validity of the public debt ... shall not be questioned" - Biden also questioned whether enough time is left to try such a maneuver.

Biden also protested the fact that Republicans are unwilling to entertain the idea of closing the federal budget deficit by raising taxes on the wealthy.There is some uncertainty as to the"real" deadline here., appearing on NBC's Meet The Press, said the true deadline is up in the air and the government could conceivably pay its bills beyond June 1 - but not for long.

Yellen also echoed warnings about a default that would gut markets worldwide and probably hasten a recession. Yellen told NBC thatexisting government programs, from Social Security and Medicare to military pay. Appearing on Fox News' Sunday Morning Futures, McCarthy said he would speak with Biden on Sunday about the way forward. While Biden was at the G-7, White House and House Republican teams negotiated, but broke off talks over ongoing disputes.the more liberal members of his partyBiden would"rather be the first president in history to default on the debt than to risk upsetting the radical socialists who are calling the shots for Democrats right now," McCarthy tweeted over the weekend.

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