not default in 11 days when the u.s. government runs out of money and is unable to pay its bills. we have team coverage of all of these new developments. phil mattingly is in japan at the g7 summit. let s begin with melanie in washington, d.c. help us understand where things stand. is the president optimistic? reporter: what i would say is the talks have not blown up completely yet but they are hanging by a thread. after a weekend of rejected offers, installed talks, the negotiators were really looking for a much-needed reset and they may have gotten it in that phone call today between speaker mccarthy and president biden. they talked a little bit about biden s trip but most importantly they agreed to meet one on one tomorrow, while staff will resume negotiations later tonight. here s a little bit more about what mccarthy said. i believe it was a productive phone call. so at the end of the phone call what we agreed to do is we re going to have patrick mchenry get back tog
not default in 11 days when the u.s. government runs out of money and is unable to pay its bills. we have team coverage of all of these new developments. phil mattingly is in japan at the g7 summit. let s begin with melanie in washington, d.c. help us understand where things stand. is the president optimistic? reporter: what i would say is the talks have not blown up completely yet but they are hanging by a thread. after a weekend of rejected offers, installed talks, the negotiators were really looking for a much-needed reset and they may have gotten it in that phone call today between speaker mccarthy and president biden. they talked a little bit about biden s trip but most importantly they agreed to meet one on one tomorrow, while staff will resume negotiations later tonight. here s a little bit more about what mccarthy said. i believe it was a productive
mccarthy, who is holding fast to his demands? i don t think anybody looks good in this. i don t think anybody escapes with no blame for this. yeah, it would hurt the president but certainly it would hurt the republicans. i think one of the concerns with the republicans right now is they re too tinged with extremism and the view is if the extremists pushed us over the cliff, i don t think that benefits speaker mccarthy. and represents in districts that biden carried, they can t be enthusiastic about the prospect of a default. there are a lot of pressures on both leaders. the key is negotiating. each side has to make some sort of concession since they are just worlds apart. i mean, who or how would these tallies been taken? you know, i m going to bend on two things and you bend on two? how is this going to come about?