The window to avert a default on the nation's debt is closing, but neither side is showing a willingness to cave on debt ceiling talks.

Treasury Secretary Janet Yellen sent shock waves through the Beltway on Monday by revealing the timeline to default got bumped up. Although President Joe Biden and House Speaker Kevin McCarthy (R-CA) are set to meet next week, Congress appears to be struggling to break the stalemate.

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Biden made calls to all four congressional leaders Monday, and McCarthy agreed to sit down on May 9. The pair haven't met since February.

Even though they finally agreed to talk, their differences remain stark. The White House has been clear that Biden won't negotiate on hiking the debt limit, while McCarthy has insisted it be paired with spending reductions.

“After three months of the Biden administration's inaction, the House acted, and there is a bill sitting in the Senate as we speak that would put the risk of default to rest," McCarthy said Monday. "The Senate and the President need to get to work — and soon."

The Limit, Save, Grow Act, which cleared the House last week, was roundly rejected by Democrats, who appear unable to pass a debt limit bill that meets their standards of no strings attached.

"We do not have the luxury of waiting until June 1 to come together, pass a clean bill to avoid a default, and prevent catastrophic consequences for our economy and millions of American families. Republicans cannot allow right-wing extremism to hold our nation hostage," House Minority Leader Hakeem Jeffries (D-NY) and Senate Majority Leader Chuck Schumer (D-NY) said.

Prominent members of both sides have similarly dug in.

"What is the middle ground?" Sen. Jon Tester (D-MT) asked a reporter when pressed about making a deal. However, the vulnerable Democratic senator said he thought it would be a "big mistake" to pair a debt limit increase with spending cuts.

"I wouldn't pay too much attention to this. This June 1 date. I think that's a political statement, not a statement based on fact," Sen. John Kennedy (R-LA) said. "It's predictable. I think Secretary Yellen is trying to put pressure on Congress."

Underlying the Democrats' position are fears that caving to Republican demands would embolden them to leverage the debt ceiling in the future. Meanwhile, Republicans believe the debt ceiling shouldn't be a rubber stamp and that now is the time to reform the country's messy finances.

With the exception of Sen. Joe Manchin (D-WV), members of both parties largely appear locked into their positions, with prominent Republicans declining to buck McCarthy.

“I hope President Biden’s invitation to Congressional leaders is sincere and he is genuinely willing to negotiate because the country cannot afford a failed negotiation,” Manchin said in a statement. “I urge President Biden to show true leadership and finally put politics aside and the well-being of our nation first.”

The United States hit the $31.4 trillion debt limit in January, but the Treasury Department has been undertaking "extraordinary measures" to keep funds flowing. Yellen initially estimated it would last until around June 5 but expedited that projection to June 1 on Monday.

In tandem with that, the Congressional Budget Office, which previously pegged the timeline between July and September, moved its time frame up to early June.

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Given the fact that budgeting for this fiscal year has leaned on considerable deficit spending, the U.S. will be unable to fund all its discretionary programs when the "extraordinary measures" run out. Of top concern is the interest on the debt.

No one knows exactly how a default would play out, but history indicates it would be ruinous for the economy. One projection cited by RSM International in March found that a technical default could boost unemployment to 7%, and an actual one could rocket unemployment to 12% while causing over a 10% economic contraction.