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
sunday. live picture from the kennedy space center in florida where in just 90 minutes from now four passengers will lift off on a private mission to the international space station. the crew on board the axiom 2 mission includes the first woman to command a private space flight and the first saudi arabian woman to travel to space. much more on this historic mission later on this hour. first, we continue to cover the fast-changing developments in the high stakes talks to avoid a looming debt crisis. just a short time ago president biden and speaker of the house kevin mccarthy agreed to meet for another round of negotiations on raising the debt limit. and staff level talks between the two sides will resume in the next few hours. the two men agreeing to a one-on-one meeting after what mccarthy called a productive phone call today with the president, as the president flew home from the g7. so before departing, biden painted a grim picture of the talks telling reporters while the
drastic cuts on the domestic side of things and the white house wants to stick to current levels, which is essentially a spending freeze. but it is a spending cut and that s how score keepers view it. we re talking tens of billions apart here, a very large gap. the other big obstacle is the timeline. the treasury secretary repeated today that june 1st is the deadline that the united states is going to run out of cash by then and congress just doesn t have a lot of time to find a solution here. melanie, thank you so much. phil mattingly, i won t ask you about predictions but president biden has had experience w with this. he s talking about how he s been through negotiations like this, talking about the phases of these negotiations and that this is a back and forth and
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
talks telling reporters while they re in japan that he cannot guarantee the u.s. will not default in 11 days when the u.s. government runs out of money and is unable to pay its bills. we ve got team coverage from all of these new developments. phil mattingly is in japan at the g7 summit. let s begin with melanie in washington, d.c. speaker mccarthy is reacting to this call, calling it promising, productive. he did. he did say that the talks are still alive and they are still ongoing, which is a very welcome and positive development. i will say the bar is pretty low there and that is because there was a huge setback in the negotiations this weekend. there were rejected offers, sharp words that were exchanged. there was a pause in the negotiations. so the negotiators were really looking for a very much needed reset today. the phone call between biden and mccarthy was positive, they talked about the debt ceiling and biden s trip a little bit