The meeting was "productive" but "we don't have an agreement yet," says Kevin McCarthy. "The problem is spending, it's not revenue," he adds.
Cuts to defense, he notes, are not on the table: it would be a mistake - he highlights - to cut defense spending. McCarthy said shortly before seeing Biden that an agreement was needed in the next 24 to 48 hours to give Congress time to vote on it. "I think we can reach an agreement" on the debt ceiling.