Biden says US debt ceiling talks are moving along

U.S. President Joe Biden holds debt limit talks with Congressional leaders at the White House in Washington

WASHINGTON (Reuters) - President Joe Biden said on Saturday that talks with Congress on raising the U.S. government's debt limit were moving along and more will be known about their progress in the next two days.

"I think they are moving along, hard to tell. We have not reached the crunch point yet," Biden told reporters at Joint Base Andrews.

"We'll know more in the next two days," he said.

Biden is expected to meet with Republican House Speaker Kevin McCarthy and other congressional leaders early next week to resume negotiations.

The leaders had canceled a planned meeting on Friday to let staff continue discussions.

Aides for Biden and McCarthy have started to discuss ways to limit federal spending as talks on raising the government's $31.4 trillion debt ceiling to avoid a catastrophic default creep forward, Reuters has reported.

The Treasury Department says it could run out of money by June 1 unless lawmakers lift the nation's debt ceiling.

(Reporting by Jeff Mason; Writing by Eric Beech; Editing by David Gregorio)