President Joe Biden is facing uncertainty and challenges in reaching a debt-ceiling deal 

Speaker Kevin McCarthy and other congressional leaders will meet with President Biden on Tuesday 

McCarthy expressed pessimism about the progress, stating that both sides are far apart 

Treasury Secretary Janet Yellen warned that the government may not be able to meet its obligations by June 1 

Yellen also cautioned that financial markets could be severely impacted if no deal is reached 

The meeting today is the first gathering of leaders since tentative progress was made on issues like permitting reform and work requirements for social programs 

All sides acknowledge that there is still a long way to go to reach an agreement 

The upcoming Biden trip to Asia and Australia, as well as Congressional recesses, add time pressure