President Biden and House Speaker Kevin McCarthy remain at a stalemate over debt ceiling negotiations after meeting Tuesday for the first time in three months. The two agreed to meet again as the U.S. inches closer to a possible default as early as June 1. McCarthy has demanded spending cuts before agreeing to raise the debt limit, which Biden has refused to consider, as Democrats slam Republicans for economic hostage-taking. Biden spoke after Tuesday’s meeting.

President Joe Biden: “Everyone in the meeting understood the risk of default. Our economy would fall into a significant recession. It would devastate retirement accounts, increase borrowing cost. According to Moody’s, nearly 8 million Americans would lose their jobs. And our international reputation would be damaged in the extreme.”

Calls are mounting for Biden to invoke the 14th Amendment, which would allow him to continue issuing debt, bypassing Congress. Biden has said he has not taken that option off the table.