As he left Japan on Sunday, Mr Biden told reporters that proposals by Republicans - who control the House of Representatives - were "simply, quite frankly, unacceptable".
The president cancelled foreign visits that were due to follow the three-day summit in Hiroshima, in order to deal with the impasse over the federal debt.Mr McCarthy made clear the two sides remained far apart but made positive noises Steve Ricchetti, one of Mr Biden's representatives and a senior adviser to the president, told reporters that the negotiating teams would continue to work overnight.
The impasses has rattled financial markets. On Friday the Dow ended down 0.3%, the S&P 500 dipped 0.1% and the Nasdaq slipped 0.2%.
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