With just 11 days to go for a potential debt default, US President Joe Biden and House Speaker Kevin McCarthy will meet at the White House to resume negotiations to potentially raise the country's debt ceiling.

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The timing of the meeting is unclear, although a White House spokesperson confirmed to NBC News that the staff had already started negotiations on Sunday ahead of the two leaders meeting.

It must be made clear that raising the debt ceiling does not authorise new spending.

Both Democrats and the Republicans have been engaged in a war of words ahead of the meeting. The Republicans have said that they will not lift the limit if the President and other lawmakers do not agree on future spending cuts. On the other hand, the US President said that Republicans need to move from their extreme positions. “It’s time for Republicans to accept that there is no bipartisan deal to be made solely, solely, on their partisan terms,” Biden said.

Treasury Secretary Janet Yellen said on Sunday that “hard choices” will need to be made about which bills will go unpaid if the debt ceiling is not raised.

Yellen reaffirmed her warning that the United States could default on its debt as early as June 1, which she has said could cause widespread “economic chaos.” There will be no good outcomes if Congress fails to take action, she said.

Last week, Yellen also cited a Moody's Analytics report which said that a default could push 70 lakh Americans out of work and $10 trillion in household wealth evaporated.

Biden said on Sunday that he thinks an agreement can be reached with Republicans, but that it is not certain.

“I can’t guarantee that they wouldn’t force a default by doing something outrageous,” he said.

Also Read: Wall Street fears $1 trillion aftershock from debt deal

(With Inputs From Agencies.)