McCarthy, Biden meet on US debt crisis as time runs short

US President Joe Biden and top Republican Kevin McCarthy met in the Oval Office of the White House for their first one-on-one talks in months, with just 10 days left to stop a calamitous debt default.

Biden tells reporters both sides understand they have "a significant responsibility" to solve the impasse, while House Speaker McCarthy adds that despite disagreement, they "can find common ground."

The White House has offered a freeze for 2024 in exchange for Republicans supporting tax increases for corporations and wealthy Americans but McCarthy has rejected the idea.