A meeting scheduled for Friday between US President Joe Biden and top congressional leaders to discuss the debt ceiling has been postponed until next week.

The leaders had left their previous meeting with little progress but with a commitment for staff members to continue meeting daily to try to reach a compromise.

Lifting the debt ceiling is necessary for the government to cover already approved spending commitments and prevent default. However, House Republicans have said they will not lift the limit if future spending cuts are not agreed upon.

The Treasury Department expects to be able to avoid a first-ever default until early June.