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Americans divide closely on whom they'd blame if the federal government defaults on its debts, even as most align with the Biden administration's position. Americans divide closely on whom they'd blame if the federal government default s on its debts, even as most align with the Biden administration's position on how Congress should handle the issue. If default occurs -- as Treasury Secretary Janet Yellen said Monday could happen by June 1 -- 39% in this ABC News/Washington Post poll say they'd mainly blame the Republicans in Congress, while virtually as many, 36%, say they'd mainly blame Biden. Sixteen percent volunteer that they'd blame both equally. MORE: US debt limit: How a default could affect you That looks like a messaging snafu on President Joe Biden's part, since many more people take his side than the Republican position on the issue. Fifty-eight percent say debt payment and federal spending cuts should be handled separately, as Bide...

Hours ahead of the White House summit, Treasury Secretary Yellen said the economic shock that would result from an unprecedented default "could lead to a recession." With time running short, President Joe Biden and congressional leaders will meet Tuesday afternoon to discuss the debt ceiling as Treasury Secretary Janet Yellen stressed a default could trigger a recession. Biden, House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell will meet at the White House at 3 p.m. "We don't have that much time left. We want to make sure we avoid a default but they've got to get serious and they haven't been serious about any of these negotiations," McCarthy told ABC News Senior Congressional Correspondent Rachel Scott on Tuesday. MORE: Congressional Budget Office warns of US debt default 'in first two weeks of June' President Joe Biden hosts debt limit talks w...

As Biden left Washington for Asia, he said he was "confident" the U.S. would raise the debt ceiling and avert default. President Joe Biden on Wednesday said he is " confident " the U.S. will avert default , expressing optimism a crisis could be avoided as he left for a foreign trip even as debt ceiling negotiations were coming down to the wire. “I'm confident that we'll get the agreement on the budget that America will not default," Biden said from the White House Roosevelt Room. He added, "We're going to come together because there's no alternative." Biden's remarks come as he embarks on a now five-day trip to Japan to meet with G-7 leaders. The president was due to visit Papua New Guinea and Australia following his appearance in Hiroshima but canceled the back half of the trip to work on a debt ceiling deal. MORE: Biden heads to Asia as US faces debt limit crisis The president said he'll be in "constant contact...

President Joe Biden and House Speaker Kevin McCarthy will meet Monday afternoon with just 10 days to reach a debt ceiling deal or risk an unprecedented default. President Joe Biden and House Speaker Kevin McCarthy will meet Monday afternoon in the Oval Office to directly negotiate with just 10 days to reach a debt ceiling and spending deal or risk an unprecedented default . In the meantime, White House negotiators arrived back on Capitol Hill early Monday and met for nearly three hours with Republican mediators. Rep. Patrick McHenry, R-N.C., told ABC News there are currently no additional meetings on Capitol Hill scheduled for the day, but said he wanted talks this week to be productive. "I don't think there's any interest in us delaying these tough conversations," McHenry said, declining to discuss specifics of where the talks stand. "And so we want this to be productive. I want this to be a productive week." Time is running out for a compromise. Treasu...

He said they would "try to finish out negotiations" as June 1 deadline looms. After three weeks of negotiations and eight days from a possible default, as of Wednesday there was still no breakthrough in talks to avert potential financial catastrophe as soon as June 1. Shortly before noon, House Speaker Kevin McCarthy told reporters he was sending his House Republican bargaining team to the White House "to try to finish out negotiations." Lead GOP negotiator Rep. Patrick McHenry of North Caroline said he's "hopeful that we can get this resolved" as he left the Capitol, a notable shift from Tuesday night when he was clearly more frustrated. But he and his fellow negotiator Garrett Graves of Louisiana -acknowledged, there's little time left. The House is set to leave Washington Thursday for a week-long Memorial Day recess, although members have been warned they could be called back. "Look, you can start counting the days and there's no qu...

The agency said there's "significant risk" cash will run out early next month. The nonpartisan Congressional Budget Office on Friday added more urgency to the fight over the debt limit, now saying there is a "significant risk" the U.S. will default on its debt "at some point in the first two weeks of June." In a new report, the agency said "the extent to which the Treasury will be able to fund the government's ongoing obligations will remain uncertain throughout May, even if the Treasury ultimately runs out of funds in early June." MORE: Biden, McCarthy face serious time crunch to reach debt ceiling deal This is an escalation from agency's previous assessment of how soon the government won't be able to pay its bills. In a May 1 blog post, the CBO warned of a greater risk Treasury would run out of funds in early June, while in February the CBO targeted July as the month where the U.S. would no longer be able to meet its obliga...