Economic chaos looms as Congress struggles with debt negotiations | USA TODAY

Senate Majority Leader Chuck Schumer and Speaker Kevin McCarthy weighed in on debt negotiations following a meeting with President Biden.

The U.S. faces a June 1 deadline to raise the debt ceiling to avoid a government default and a potential economic crisis. After the meeting, McCarthy and Republican Senate Leader Mitch McConnell said Republicans remain committed to spending cuts as part of raising the debt ceiling, while Biden and Democrats made clear they remain opposed.

"The bottom line is very simple: There are large differences between the parties," Senate Majority Leader Chuck Schumer said.