McCarthy: We can find 'common ground' on debt ceiling

STORY: Biden and McCarthy held initial talks on Wednesday about raising U.S. government borrowing limits in a first test of how the two will work together, with both sides agreeing to talk more.

"The president and I had a good first meeting," McCarthy told reporters after the more-than-hour-long meeting. He said the two men shared their perspectives with each other. "I think at the end of the day, we can find common ground," he said.

The White House said after the meeting that Biden told McCarthy he was eager to work with Republicans "in good faith."

The Oval Office talks may serve as the opening bell for months of back-and-forth maneuvering. Neither side expected a solution to emerge from a single meeting. Without action, the government could lose its ability to pay all its bills as early as June.