On May 14 he said he remains optimistic about finding an agreement with his Republican opponents to raise the US debt limit and avoid a default, which his administration warned would cause catastrophic consequences.
The White House has insisted for months that the nation's credit should not be up for negotiation, while Congressional Republicans are demanding budget cuts in exchange for lifting the US borrowing limit.
Despite the uncertainty surrounding the possibility of a first-ever default, alarm bells are ringing over the possibility of a first-ever US default, with uncertainty over the expected date the government would stop paying its bills.
Despite warnings from the government and bankers that a default could result in catastrophic consequences, the two sides have remained at an impasse.
He said today that he thinks he will eventually be able to reach a deal.
I'm a congenital optimist, but I really think there's a desire on both sides as well as ours to reach agreement. We'll be able to do it, Biden said, and he told reporters while out on a bike ride near his beach home in Delaware.
A much-anticipated new round of debt-ceiling talks between Biden and Republican leaders, including House Speaker Kevin McCarthy, was postponed from Friday until the coming week.
Asked if the Tuesday meeting was still on, Biden said: I think so. Yellen has warned a default may occur by June 1, while the nonpartisan Congressional budget office forecast a date of June 15 on Friday.
We shouldn't be here, Deputy Treasury Secretary Wally Adeyemo said Sunday on CNN's State of the Union when Congress failed to raise the debt limit by the time of default.
The US has never defaulted on its debt - and we can't.