President Joe Biden and Vice President Kamala Harris host Congressional leaders for a meeting about raising the debt limit in the Oval Office at the White House on May 16, 2023.

President Joe Biden said on Tuesday that he will shorten his planned international trip in order to return in time for “final negotiations” since there isn’t much time left to raise the debt ceiling without risking default.

Biden will fly to Japan on Wednesday to meet with the G-7 leaders, but he won’t stop in Papua New Guinea or Australia before returning home on Sunday.

Biden was slated to attend the Quad conference in Australia and would have become the first U.S. president in office to visit Papua New Guinea. As legislators prepare for a potential June 1 default deadline, House Speaker Kevin McCarthy and other Republicans had criticised Biden’s intentions to travel abroad.

“The President has made it plain that, as they have 78 times before, members of Congress from both parties and chambers must work together to avert default. According to a statement from White House press secretary Karine Jean-Pierre, the President and his staff will keep collaborating with Congressional leadership to produce a budget deal that can be delivered to the President’s desk.

US debt default might occur “in the first two weeks of June,” according to the Congressional Budget Office. Debt negotiations are ongoing.When Biden, McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell gathered at the White House on Tuesday afternoon, negotiations on the ceiling continued.

It was “a good, productive meeting” on a way ahead to avoid default, according to Biden, who spoke later at a White House celebration of Jewish Heritage Month.

There is still work to be done, but I made it clear to the speaker and others that we will communicate frequently over the coming days, and the staff will continue to meet every day to ensure we do not default, the president said, adding that he was cutting his trip short “in order to be back for the final negotiations.”

McCarthy stated after the meeting that the two sides were still far apart but added that it was “possible” that an agreement could be achieved within a few days.

McCarthy told ABC News Senior Congressional Correspondent Rachel Scott outside the White House, “It is possible to get a deal by the end of the week.” “Coming to an agreement is not that difficult.”

The way the parties will negotiate going ahead has altered as a result of the discussion on Tuesday, according to McCarthy. Instead of conversations with the four House leaders, Biden agreed to select two senior members of his office to work directly with McCarthy and his team, the speaker claimed.

“The structure has changed, so we’re in a better process,” McCarthy said.

House Speaker Kevin McCarthy and Senate Minority Leader Mitch McConnell speak to members of the media following a meeting on the debt limit with US President Joe Biden at the White House in Washington, May 16, 2023.

According to Schumer, after the discussion, the leaders decided they needed to pass “a bipartisan bill with bipartisan support in both chambers.”

The Democratic Senate leader declared, “Default is just the worst, worst alternative, and having a bipartisan bill in both chambers is the only way we’re going to avoid default.”

PHOTO: President Joe Biden holds a meeting on the debt limit with, from left, House Speaker Kevin McCarthy, Vice President Kamala Harris, Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, in the Oval Office, May 16, 2023.

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