House Speaker Kevin McCarthy during negotiations on the public debt ceiling with President Joe Biden in Washington DC., May 22, 2023. (Photo: AFP/VNA)

President Joe Biden and McCarthy are at odds over spending, taxes, and work requirements for anti-poverty programs. But both sides say they believe they can find common ground after hours-long discussions by their negotiating teams.

McCarthy said there are still some outstanding issues, and he has directed his team to work 24/7 to try to close the differences. 

Congressman Kevin Hern said a deal could be reached by Friday afternoon that would avoid a default that would upset global financial markets and push the US into a recession.