[Biden and McCarthy hold talks on debt issues] on May 17, US President Joe Biden and House Speaker McCarthy began to meet to reach a budget agreement to avoid a US default. "We had a good time together. Things are going well, "Biden joked at the start of the talks." The attendees also included House Democratic Leader Hakeem Jeffries, Senate Majority Leader Schumer and Senate Republican Leader McConnell. The meeting was an important touchstone for negotiations after US Treasury Secretary Yellen issued a serious warning that "time is running out" for a negotiated solution.