The much-anticipated meeting between President Joe Biden And Speaker of the House Kevin McCarthy in relation to the debt crisis should take place on Friday was reportedly postponed as leaders agreed to meet early next week.

Helpers from both sides have started the discussion Ways to limit federal spending, Reuters reported, citing people familiar with the discussions. “Staff will continue to work and all principals have agreed to meet early next week,” the spokesman said, according to the report.

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McCarthy told reporters the delay was not an indication of problems in the talks but that he believed negotiators needed to resume talks before leaders met again.

contours: In the meantime, White House Officials admitted they had to do it accept some spending cuts or strict limits on future spending if a deal is to be reached, while insisting they must maintain Biden’s signature climate legislation passed along party lines last year, the report said, citing sources.

The two sides are also debating how long to delay the next potential debt ceiling showdown, the report said, citing sources. President Biden and Democrats would endorse a two-year window and delay any legislative action beyond the 2024 presidential election, the report said, adding that they might have to agree to bigger spending cuts or tougher restrictions to have more time.

On Thursday, Treasury Secretary Janet Yellenwhile speaking at the session of group of seven Treasury officials reportedly said that failure to avert an impending default would trigger a global downturn and risk undermining US global economic leadership and raise questions about its ability to avert it defense of national security interests.

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