Joe Biden vows ‘there will be no default’ after latest round of debt ceiling talks with Republicans – as it happened

President says bipartisan agreement is only way forward to avoid catastrophic default

The House has finished its legislative work for the week, and members are preparing to go home for Memorial Day weekend without a deal reached on raising the debt ceiling.

The House speaker, Republican Kevin McCarthy, told reporters this morning that debt ceiling talks continued well past midnight last night, and negotiators are working around the clock until a deal is reached.