2:35
What changed in Tuesday's meeting, McCarthy said, was how the parties will negotiate moving forward. Biden agreed to appoint two top members of his staff to work directly with McCarthy and his staff, the speaker said, rather than negotiations between all four congressional leaders.
\"The structure has changed so we're in a better process,\" McCarthy said.
![\"PHOTO:](\"http://a.abcnews.com/images/Politics/kevin-mccarthy-4-gty-gmh-230516_1684269003333_hpEmbed_17x11_384.jpg\")
After the meeting, Schumer told reporters that the leaders agreed they needed to pass \"a bipartisan bill with bipartisan support in both chambers.\"
\"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,\" the Democratic Senate leader said.
![\"PHOTO:](\"http://a.abcnews.com/images/Politics/hakeem-jeffries-ap-gmh-230516_1684272638213_hpEmbed_3x2_384.jpg\")
Adding pressure ahead of Tuesday's debt ceiling summit, Treasury Secretary Janet Yellen said the economic shock that would result from an unprecedented default \"could lead to a recession.\"
\"It's essential Congress act as soon as possible,\" she said as she delivered remarks in downtown Washington, stating they're already seeing \"the impacts of brinkmanship\" and \"default would generate an economic catastrophe.\"
Yellen has repeatedly warned the U.S. could default in early June, possibly as soon as June 1, though the exact date remains uncertain.
Yellen wrote Monday in a letter to McCarthy the Treasury was already seeing adverse impacts on the economy as negotiations continue -- including increased borrowing costs -- and more harm could come if lawmakers wait until the final hour to strike a deal.
![\"PHOTO:](\"http://a.abcnews.com/images/Politics/biden-debt-mtg2b-ps-230516_1684266876846_hpEmbed_3x2_384.jpg\")
Biden and Democrats had insisted Republicans take default off the table, and separate the debt ceiling from the 2024 budget. Republicans, on the other hand, said they'd done their job by passing the Limit, Save, Grow Act last month to raise the debt ceiling and enact deep spending cuts.
Possible areas of agreement on budget talks to emerge since the last debt ceiling meeting between the so-called \"Big Five\" include clawing back billions of dollars in unspent COVID-19 relief and reforming the permitting process for energy projects -- a GOP priority -- sources familiar with the talks told ABC News.
\"This shouldn't be this hard,\" McConnell said after Tuesday's meeting. \"No. 1, we know we're not going to default. They know it, we know it. We're running out of time.\"
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