President Biden remains confident that his administration can strike a deal with Republicans on raising the debt ceiling.
“Not at all,” Biden said at the G-7 summit on Saturday when asked if he was concerned about the debt talks.
Mr Biden said it was a “negotiation” and the talks were taking place “in stages”.
“What happened is the first meetings weren’t that progressive, the second ones were, the third one was, and then what happens is the carriers go back to principles and say that’s what we’re thinking.”
He said: “I still believe we can avoid a default.”
The battle to raise the debt ceiling loomed over Mr Biden’s overseas trip.
He is meeting with leaders of the world’s seven largest economies to discuss a unified approach to Chinese aggression.
Mr. Biden tried to sound the alarm on the risk of default by the United States on its debts.
House Speaker Kevin McCarthy, a Republican from California, has indicated he plans to resume negotiations with the Biden administration on Friday shortly after the talks collapsed.
Rep. Patrick McHenry, a Republican from North Carolina and chairman of the House Financial Services Committee, said talks would resume.
“The goal is to get a bill that can be passed by the House of Representatives and the Senate and be signed by the president,” he said.