Here's where Biden and McCarthy stand on debt ceiling talks heading into today's meeting

WASHINGTON — President Joe Biden is acceptable to conscionable with House Speaker Kevin McCarthy connected Tuesday day alongside different apical legislature leaders to sermon the indebtedness ceiling, a time earlier Biden is slated to caput to Japan for the Group of Seven summit.

Behind the scenes, unit from some sides person been moving regular since the leaders met past week to effort to travel to a woody before June, erstwhile the national authorities could tally retired of money. The leaders left the erstwhile gathering with small advancement to show.

"I truly deliberation there's a tendency connected their part, arsenic good arsenic ours, to scope an agreement, and I deliberation we'll beryllium capable to bash it," Biden told reporters Sunday successful Delaware. As to his authorities of mind, helium said, "I stay optimistic due to the fact that I'm a congenital optimist."

McCarthy sang a antithetic tune, telling NBC News connected Monday extracurricular the Capitol, "I inactive deliberation we're acold apart."

"It doesn't look to maine yet that they privation a deal," McCarthy said. "It seems similar they privation to look similar they're successful a meeting. They're not talking thing serious." 

Biden and McCarthy were slated to conscionable again Friday with Senate Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell and House Minority Leader Hakeem Jeffries, who attended the past meeting, but that was postponed arsenic negotiations continued down the scenes. Vice President Kamala Harris volition besides be this time.

A root acquainted with the meetings told NBC News that the hold is simply a affirmative improvement and a motion that talks were "progressing."

The White House has maintained that Biden intends to spell to the G-7 acme successful Japan aboriginal this week, but the president himself has said that could alteration depending connected the indebtedness ceiling talks. After the G-7 trip, Biden was slated to question to Papua New Guinea earlier going to Australia for a gathering of the leaders of the "Quad" nations, the U.S., Australia, Japan and India.

McCarthy told reporters it was captious that they scope a woody earlier this play truthful the measure would person capable clip to walk done some chambers of Congress and marque it backmost to the president's table for signing.

The discussions person precocious stakes: Defaulting connected sovereign indebtedness would wreak havoc connected the system and roil planetary markets. A default on Treasury bonds could propulsion the U.S. system into a tailspin. The past clip legislature Republicans threatened a default successful 2011, Standard & Poor's downgraded the U.S. recognition rating for the archetypal clip ever to AA+ from AAA.

Lifting the debt ceiling is indispensable for the authorities to screen spending commitments already approved by Congress and the president and forestall default. Doing truthful does not authorize caller spending. But House Republicans person said they volition not assistance the bounds if Biden and lawmakers bash not hold to aboriginal spending cuts.

The Treasury Department has taken bonzer steps to support paying the government's bills, and expects to beryllium capable to debar a first-ever default astatine slightest until aboriginal June. Treasury Secretary Janet Yellen warned past week nonaccomplishment to hike the indebtedness ceiling would origin an "economic catastrophe."

If the U.S. were to default, gross home merchandise would driblet 4% and much than 7 cardinal workers would suffer their jobs, Moody's Analytics recently projected. Even a little default would pb to the nonaccomplishment of 2 cardinal jobs, according to the data.