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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...

"We decided to press pause because it's just not productive," Rep. Garrett Graves said as he emerged from a meeting with White House negotiators. After optimistic talk from both House Speaker Kevin McCarthy and President Joe Biden earlier this week, Rep. Garrett Graves, who is leading debt ceiling talks for House Republicans, said Friday negotiations have hit a snag. "We decided to press pause because it's just not productive," Graves said as he emerged from a Capitol Hill meeting with White House negotiators. The development comes as time is quickly running out for lawmakers to find a debt ceiling compromise or risk default for the first time in History . Treasury Secretary Janet Yellen has warned the U.S. could run out of cash to pay all its bills as early as June 1, though the exact date remains uncertain. Rep. Garret Graves at the Capitol in Washington, April 26, 2023. J. Scott Applewhite/AP, FILE MORE: McCarthy praises debt limit negotiators, but G...