President Biden said that the meeting with House Speaker Kevin McCarthy and other Congressional leaders was "productive" in a speech on Tuesday to discuss the debt ceiling.

Biden's remarks come after a meeting with McCarthy, Senate Majority Leader Chuck Schumer, Minority Leader Mitch McConnell and House Democratic leader Hakeem Jeffries.

"I just finished, I thought a productive meeting with the congressional leadership about the path forward to make sure America does not default," Biden said. "I made clear during our meeting that default is not an option. Repeated that time and again. America is not a deadbeat nation. We pay our bills and avoiding default is a basic duty of the United States Congress."

Biden's remarks contrast those of McCarthy, who said that he didn't see "any new movement" during the meeting, adding in comments to reporters that nothing has changed since they met to discuss the debt ceiling on Feb. 1.

When asked by reporters if he saw any progress during the meeting, McCarthy said, "Well, the progress we made is, we were actually able to meet, so that's a difference."

Biden said that he wouldn't rule out a short term debt limit increase, and added that he is "ruling out" a default.

He said that the Congressional leaders will return to the White House on Friday to continue discussions on the debt limit.

"Our economy would fall into a significant recession. It would devastate retirement accounts, increased borrowing cost. According to Moody's, nearly 8 million Americans would lose their jobs and our international reputation would be damaged in the extreme," Biden remarked of a possible default.

"This nation has never default on its debt. It never will," Biden said.