President Joe Biden and Republican House speaker Kevin McCarthy on Monday evening failed to reach a fiscal deal to avoid a default on US debt, but talks were set to continue, suggesting an agreement could be within reach.

The two men met at the White House for a round of negotiations towards a deal that is seen as critical for the fate of the US and global economic outlook and financial markets.

“I think the tone tonight was better than any other time we’ve had discussions?.?.?.?we still will have some philosophical differences, but I felt it was productive,” McCarthy told reporters at the White House after the meeting. “We know the deadline. I think the president and I are going to talk every day?.?.?. until we get this done.”