President Joe Biden will head back to the negotiating table over the debt ceiling.

Biden has confirmed that he'll meet Tuesday with House Speaker Kevin McCarthy (R-CA) as the two sides work to seek out an agreement on raising the debt limit.

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Biden confirmed the meeting to reporters after having lunch at the University of Pennsylvania, where his granddaughter Maisy is graduating.

The two leaders met two weeks ago and were supposed to meet again last Friday. That second meeting was ultimately canceled, which the White House said was a positive development because it signaled that staff-level talks were going well. It is unclear if the new meeting signals otherwise.

McCarthy had a different take, saying he expected the meeting to be rescheduled and that Biden was not taking the threat of default seriously.

The House has passed a bill, the Limit, Save Grow Act, that would raise the debt ceiling while cutting $4.8 trillion in deficits over the next 10 years. Biden has promised to veto the bill, but no other legislation has passed either chamber of Congress.

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Despite the veto promise, the White House has said repeatedly that it is up to Congress to raise the debt ceiling in a way that the president supports.

The United States could default on its debts as soon as June 1, according to Treasury Secretary Janet Yellen.