U.S. President Joe Biden will deliver remarks Wednesday about "preventing the first-ever government default" after a brief meeting with Congressional leaders on Tuesday.

Republican House Speaker Kevin McCarthy said Tuesday that crucial debt ceiling negotiations were far from a success, but that a deal was possible by the end of the week.

Biden cut short his upcoming foreign trip because of the looming debt limit crisis, adding urgency to the talks. Biden will still attend a G-7 summit in Japan but has cancelled later stops in Papua New Guinea and Australia, according to three people with knowledge of the decision who were granted anonymity to discuss the unannounced decision.

Tuesday's meeting was pivotal as negotiators were staring down a June 1 deadline, which is when the Treasury Department says the U.S. could begin defaulting on its debts.

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