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Could be heading in the right direction. they still emerged without a deal in hand. now negotiators met late last night up on capitol hill, breaking up a little before midnight. and they're expected to continue talking throughout the course of the day. much of the disagreements that they have acknowledged still remain around that issue of spending levels as the president has proposed freezing them at current year levels and republicans insist they must be cut back to fiscal year 2022 levels. now one thing in this meeting that the president really stressed, and we heard from the white house ove...

But all that we've really seen from the white house so far since that meeting is these negotiators heading up to capitol hill to meet with their republican counterparts. negotiators have been up there meeting for around two hours on the hill, as they're trying to work out some of these differences. the very vast differences that remain when it comes to trying to reach an agreement. as manu laid out, we know one of the items the white house has proposed is freezing spending levels at the current year's level, something that republicans have opposed. also the president has pushed for raising new...

Are having record spending, record deficits and record taxes, then we're not going to come together. we are demanding a different trajectory for this country. you're putting the next generation in jeopardy. >> cnn's manu raju is live for us on capitol hill. clearly a shift in messaging from republicans here. clearly some optimism and then nowhere near a deal. >> it's really uncertain whether they can get a deal passed before a potential default because they are far apart over spending levels. the republicans want significant spending cuts. the white house has offered a compromise to say that t...

The US government aims to reach a budget compromise by 1 June. Republicans, led by Kevin McCarthy, demand spending cuts in exchange for raising the debt limit. While US president Joe Biden has joined the talks, he has urged GOP members to reconsider their 'extreme positions'

>> sources told us that one of the key issues and sticking points in these negotiations have been around spending levels, the white house has proposed keeping spending at the current fiscal year 2024 levels, but republicans want to see them cut back to the fiscal 2022 levels, that is likely one of the issues that the president and mccarthy will need to discuss in their meeting here at the white house, but this all comes as the treasury secretary is once that were to happen, that would have widespread and potentially catastrophic consequences for the u.s. economy. and the global economy at larg...