Biden: Debt talks 'not there yet' l WNT

the looming crisis over the debt ceiling. Talks are ongoing through the weekend, but it's not clear when President Biden and Speaker McCarthy will meet again face to face. Here's what President Biden said earlier today. Well, I think the movement along, it's hard to tell. We're not reaching the crunch point yet. So, but there's real discussion about some changes. But we're not there yet.

We're not there yet, the president says. Let's go to the White House and bring in ABC's Elizabeth Scholesy. Elizabeth, time quickly running out. What more are you learning about those ongoing talks? Wait, sources tell us these negotiations have been productive, but still no deal to avert a U.S. debt default. The sticking point is that President Biden and House Speaker Kevin McCarthy can find common ground on where to cut federal spending, like clawing back COVID relief funds.

And if they can agree to raise the $31 trillion debt limit before the government runs out of money to pay its bills, the Treasury Department warns that that could happen as soon as June 1st, and would be catastrophic to Main Street, possibly delaying social security and Medicare payments for tens of millions of Americans, sending already high borrowing costs for a new mortgage or a car loan through the roof, eroding savings in 401K or pension funds. Ultimately, it could spiral the economy into a recession with as many as 8 million job cuts. The president is expected to meet again here with the four leaders of Congress early next week. Whit? So much at stake, something to watch this week. Elizabeth, thank you.

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