Biden, McCarthy agree to talk on debt crisis, speaker says negotiators 'closer to an agreement'

President Joe Biden and House Speaker Kevin McCarthy have agreed to talk directly as they race to strike an agreement that would resolve the looming debt crisis. McCarthy said earlier Saturday the Republican negotiators are “closer to an agreement," but there's no deal yet. McCarthy gathered top allies at the Capitol as negotiators push for a deal that would raise the nation’s borrowing limit and avoid a catastrophic default while also making spending cuts that House Republicans are demanding. They have been stalled over work requirements for aid recipients. Biden said on Friday evening before departing for Camp David that bargainers were “very close.” He's continuing to talk with his negotiating team multiple times a day.