kelly o'donnell is tracking it all for us tonight. >> reporter: staring down the risk of unprecedented credit default, tonight new signs of progress and a major change of plan >> i'm cutting my trip short. i'm postponing the australia portion of the trip and my stop in papua new guinea. >> reporter: tomorrow the president will head to japan for the g7 summit of the world's largest economies, but he will skip planned stops in australia and papua new guinea to get back to negotiations. >> we're just getting started. >> reporter: mr. biden joined today by the vice president held his second face-to-face talks with congressional leaders. afterwards, speaker mccarthy struck a notably more optimistic tone. >> it is possible to get a deal by the end of the week. it's not that difficult to get to an agreement. >> reporter: at stake, raising the nation's credit card limit, or debt ceiling above the current $31.4 trillion before the government can't pay its bills on june 1st >> we know we're not going to default they know it we know it we're running out of time. >> reporter: the stalemate is larg

kelly o'donnell is at the white house with the latest. kelly? >>> lester, the president says a critical point now is that he and the speaker must be able to sell whatever deal they can reach to their own party. i asked the president if sending figures are the key to resolving this and he said not that alone. i also wants to talk about raising taxes on the wealthy, a nonstarter for republicans. >> reporter: tonight, facing a dire default deadline. the president and the house speaker go one-on-one. >> i think we may be able to get where we have to go. we both know we have a significant responsibility. >> we both agree that we need to change the trajectory that our debt is too large. >> reporter: coming together without other congressional leaders. late today after financial markets closed. negotiators also met on capitol hill. house republicans want to reduce overall spending and say democrats are not willing to cut enough. >> i think we can get a deal tonight. we can get a deal tomorrow. we have get to something done this week to pass this. >> re

severe, a high stakes negotiating session between president biden and house speaker mccarthy, kelly o'donnell is at the white house now with the very latest. >> reporter: lester, the president says a critical point now is that he and the speaker must be able to sell whatever deal they can reach to their own parties. i asked the president if spending figures are the key to resolving this he said not that alone. he also wants to talk about raising taxes on the wealthy, a nonstarter for republicans. stepping out of the west wing tonight, the house speaker said no deal yet, but he praised the effectiveness of today's face-to-face with president biden >> i think it was productive and the professionalism, the honesty with one another. >> reporter: in the oval office the president also looked for progress >> i think we may be able to get where we have to go we both know we have a significant responsibility >> reporter: coming together without other congressional leaders. late today after financial markets closed negotiators also met on capitol hill. house republicans want to reduce overall spending

than you guys, kelly o'donnell, garrett haake, thanks. >>> the politics of it all. even if the president and speaker do reach a debt ceiling agreement, there are potential legislative land mines ahead to prevent a default. that's next coming up when "andrea mitchell reports" is back in 60 seconds. stay with us. you are watching msnbc. you are watching msnbc y system, you had to give your right arm to find great talent. but with upwork, there's highly skilled talent from all over the globe. right at your fingertips. ♪ this is how we work now ♪ i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! my asthma felt anything but normal. a blood test helped show my asthma is driven by eosinophils, which nucala helps reduce. nucala is a once-monthly add-on injection for severe eosinophilic asthma. nucala is not for sudden breathing problems. allergic reactions can occur

nbc news senior white house correspondent kelly o'donnell has more. >> reporter: staring down the risk default, new signs of progress and a major change of plans. >> i'm cutting my trip short. i'm postponing the australia portion of the trip and my stop in papau new guinea. >> reporter: the president will head to japan for the g7 summit of the world's largest economies but he'll skip planned stops in australia and papau new guinea to get back tonegotiations. mr. biden joined by the vice president held his second face-to-face talks with congressional leaders. afterwards speaker mccarthy struck a notably more optimistic tone. >> it is possible to get a deal by the end of the week. it's not that difficult to get to an agreement. >> reporter: at stake raising the nation's credit card limit or debt ceiling above the current $31.4 trillion before the government can't pay its bills on june 1st. >> we know we're not going to default. they know it, we know it. we're running out of time. >> reporter: the stalemate is largely over spending. house republicans passed a plan to raise the debt limit

. >> nbc news senior white house correspondent kelly o'donnell is following the latest. what can we expect from today's high-profile meeting and can you break down what kind of leverage these leaders might be coming to the negotiation with? >> reporter: the stakes are extraordinarily high and for president biden, bringing the lawmakers here is for him to deliver a message that he believes congress must act to prevent default. something that the white house characterizes as a manufactured crisis from capitol hill and the desire among specifically house republicans to try to extract cuts in spending even though this is about spending that is already occurred and merely at the face of paying the bills. the expectations are not particularly high for what will come out of this. so don't expect necessarily a big breakthrough. but the meeting is considered significant. earlier today our colleague garrett haake was on capitol hill where he got to speak to speaker mccarthy who republicans will focus as their point man on what this conversation will be about today. here's speaker

kelly o'donnell now with the very latest >> reporter: tonight, a new test for president biden and speakerarthy after the hard work of reaching a bipartisan deal to prevent default, can they get it passed through congress the president is cautiously optimistic. >> i feel very good about it i've spoken to a number of the members. i spoke to mcconnell i spoke to a whole bunch of people. and it feels good. >> reporter: today the house speaker back on the hill preparing for wednesday's vote on the two-year bipartisan agreement made this weekend. the plan suspends the nation's borrowing limit until early 2025, avoiding a catastrophic default and on the budget non-defense federal spending holds flat next year with a 1% increase in 2025 for months democrats had refused to discuss spenending cuts s tied to a debt limimit increasase. so m many republblicans sasay curbing g any spending is a win. >> this was a carefully negotiated deal that balanced interests of people who some people want to spend a lot more money and some people want to spend even less this is a really good deal >> reporter: but f

kelly o'donnell has more >> reporter: staring down the risk of unprecedented credit defall, new signs of progress and a major change of plan >> i'm cutting my trip short i'm postponing the australia portion of the trip and my stop in papua, new guinea >> reporter: the president will head to japan for the g-7 summit of the world's largest economies but will skip planned stops in australia and papua, new guinea to get back to negotiations. >> we're just getting started. >> reporter: mr. biden joined by the vice president held his second face-to-face talks with congre congressional leaders. >> it is not that difficult to get to agreement >> reporter: at stake, raising the nation's credit card limit or debt ceiling above the $31.4 trillion, before the government can't pay its bills on june 1st. >> we know we're not going to default. they know it we know it we're running out of time. >> reporter: the stalemate is largely over spending. house republicans passed a plan to raise the debt limit if democrats agreed to spending cuts one issue, republicans want work requirements, in order for ame

let's get right to nbc news senior white house correspondent kelly o'donnell. also joining us, former democratic congressman from ohio, tim ryan. he's also a senior visiting fellow at third way, a public policy thinktank. let's start with your reporting. where do negotiations or talks stand this morning and what can we expect from today's meeting? >> reporter: well, certainly today there is the high pressure of bringing the principles, the president, adding now the vice president, the speaker of the house, and the top congressional leaders, coming together again to see what progress, if any, has been made as the staff has been working behind the scenes since they met last week. and so this is a critical opportunity to see if at that leader level they can push this forward. it is also critical because of the timing you mentioned with the president scheduled to travel overseas to japan which is hosting the g-7 summit, which brings together the world's biggest economies, and that is a certainly world stage moment for the president where he is arguing and his admin

and now, kelly o'donnell, who will take the reins as the president in fewer than three months -- [cheers applause] kelly will escort the president of the united states and his ice cream cone dessert off the stage . may the force be with you, kelly, when you take over this job. and everyone here, please remain in your seats until the president, vice president, first lady and second gentleman have departed. not, everyone. thank you. -- good night, everyone. thank you. >> this has been the white house correspondents association dinner. thank you and good night. [captions copyright national cable satellite corp. 2023] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [indiscernible chatter] [indiscernible chatter] >> more live coverage this afternoon with an upcoming look at the coronation of king charles iii. hosted by the washington post. live coverage at 1:00 p.m. eastern. at 2:00, a conversation on u.s.-taiwan relations and whether it could spark a confrontation with china. that is at 2:00 p.m. eastern

we have live reporting from the white house and capitol hill, but first kelly o'donnell starts us offrning, a critical breakthrough, a plan that would avert a catastrophic first in history default by suspending the nation's borrowing limit until early 2025 and tightening federal spending. >> we've reached a bipartisan budget agreement. now we're ready to move to the full congress. >> reporter: the tentative deal followed days of negotiations between president biden, house speaker kevin mccarthy and their teams. the result is a compromise that congress must still vote to approve, so the drama is not yet over. >> it's not 100% what everybody wants. when you look, the country is going to be stronger. >> reporter: the agreement would hold nondefense federal spending roughly flat for 2024 with a 1% increase for 2025, expand some work requirements for recipients of federal food assistance, snap benefits until 2030, but exempts veterans and the homeless. unspent covid funding, about $30 billion, would be clawed back. $20 billion from the irs would be shifted to meet other government needs. t

joining me now is kelly o'donnell from the white house. kelly, what have you got?t the president will cut short his overseas trip. he's due to leave tomorrow for japan and the g-7 summit of the world's largest economies. he was then supposed to go to two other countries. new guinea, the first sitting u.s. president to visit that island, and australia, a key u.s. ally and partner, for what is known as the quad summit. those two stops are off the table now and we expect the president will be making a change and i am told by a source familiar with the trip planning here that the president has decided he will come back on sunday in order to be able to work with congress and to insure they take action on the debt ce. now to put this in perspective, these international summits are planned months if not years. there's a lot of agenda on high stakes involvement for everyone there. it would also put the president on the world's stage at a time when a domestic issue is so critical, and there have been some calls from republicans in congress that the president should not leav

with us now to start us off, nbc news senior white house correspondent kelly o'donnell, and rachel bade, "politico" senior washington correspondent and playbook co-author. kelly o., let me start with you on this one, and really, the overarching question, which is how the president is selling this to the democratic party. >> well, the first thing that the president wants to do is talk about the fact that this would avert the kind of calamity that you were alluding to in your intro where if the nation defaulted for the first time ever, the cascade of negative effects, the volatility in the stock market, also issues like what would happen if the government cannot in a timely way pay important benefits to veterans, to seniors, all kinds of things that would rock our economy and have profound negative impact on just about every american. so the first thing the president has to do is say that crisis could be avoided with a bipartisan approach, and having to sell compromise, which in our current politics is not always a sellable thing. governing as compared to campaigning usually requires comp

but first kelly o'donnell has the very latest. good morning to you. >> good morning, kristin. this is a major update and a bipartisan effort going forward. now there is still more work to do. >> if there was no debt ceiling deal reached, payments could be late >> reporter: this morning a critical breakthrough. a plan that would avert a catastrophic first-in-history default, but suspending the nation's debt limit until early 2025 and tightening federal spending >> we reached a bipartisan spending agreement now we're ready to move to the full congress. >> reporter: the tentative follows days of intense back and forth negotiations between president biden, house speaker kevin mccarthy and their teams the result is a compromise, that congress must still vote to approve. so the drama is not yet over. >> so it is not 100% what everybody wants. but when you look, the country will be stronger >> reporter: the agreement would hold nondefense federal spending roughly flat for 2024, with a 1% increase for 2025. expand some work requirements for recipients of federal food assistance, snap

joining me now to talk aboutall of this, kelly o'donnell, peter baker and dan merica. kelly, the most pressing issue today of course, the president spoke about both the debt ceiling an the border over the weekend. fill us in on what he said. >> certainly, the president has these concerns that are colliding and it comes at a time he is due to be on the world stage. all that puts this under a bright white spotlight. on the debt ceiling, the president articulated optimism saying there's a congenital position he has. we're hearing today from senior white house officials about the national security implications of the debt ceiling discussions because as the president heads to the g-7, that is an important piece of this that the u.s. has to be a reliable partner and that it does pay its bills and that other nations can count on the u.s. to do what it says it will do. so trying to put that piece of pressure of national security concerns, which might have some sway in the conservative wing that speaker mccarthy has to deal with to make that case. then the ongoing issues with th

joining us is nbc senior white house correspondent kelly o'donnell and capitol hill correspondent ali, let me start with you. how optimistic is the president, the administration in getting this deal done tomorrow? >> reporter: i don't think there's optimism that something can be resolved tomorrow, just the nation of washington. things tend to go all the way to the critical deadline moment. i do think there's a view that the white house believes this is a constructive opportunity. you bring leaders together, you come to the white house where there might be sort of a territorial advantage for the president. it gives them a chance to try to again focus on what they believe are the cataclysmic consequences of a failure to act. the president wants to separate the issues. dead ceiling in one conversation, discussion of other budget issues and ways that they can try to all find some responsible cuts or look for ways to deal with spending issues. the president would like to increase spending in some areas. how can they find common ground there, trying to have those be separate conversations.

nbc's kelly o'donnell has more on the two sides and what they are saying tonight. >> tonight, new signs of progress and a major change of plans. >> i'm cutting my trip short, postponing the australia portion of the trip, and the stop in pop in new guinea. >> tomorrow, the president will head to japan for the g7 summit of the world's largest economies. he will skip plant stops in australia, and pop what new guinea to get back to negotiations. >> we're just getting started. >> mr. biden, joined today by the vice president, holding his second face to face talks with congressional leaders. afterwards, speaker mccarthy struck a notably more optimistic tone. >> it is possible to get a deal by the end of the week. it's another difficult to get to an agreement. >> at stake, raising the nation's credit card limits, or debt ceiling above the current 31. 4 trillion dollars. before the government can't pay its bills on june 1st. >> we know that we're not going to default, they know, it we know in. we are running out of time. >> the stalemate is largely overspending. house republicans passed a plan

. >> nbc's senior white house correspondent kelly o'donnell joins me now. there's big questions over how much is actually going to be accomplished today at this meeting, just as potential work requirements for federal aid programs to the disadvantaged become a new flashpoint. >> reporter: there's little about the substance of what's happening behind the scenes that has bubbled to the surface. one of the things that has come forward is what you mentioned. republicans wanting work requirements to be tied to some federal aid. president biden talked about the fact that he has in the past, under certain conditions, voted for that kind of a requirement and the idea being that getting a federal benefit, having work requirements can be good for the long-term benefit of the recipients of that. there's debate about that. but the president is saying when it comes to health care, that is a line in the sand for him. speaker mccarthy is talking about the fact he believes these requirements are important. he gave us a sense of where he thinks things stand. >> what work re

nbc news senior white house correspondent kelly o'donnell has the very latest. >> reporter: a new testthe hard work of reaching a bipartisan deal to prevent default, can they get it passed through congress? the president is cautiously optimistic. >> i feel very good about it. i've spoke to a number of members. i spoke to mcconnell. i spoke to a whole bunch of people and it feels good. >> reporter: the house speaker back on the hill preparing for wednesday's vote on the two-year bipartisan agreement made this weekend. the plan sus spend the nation's borrowing limit until aurally 2025 avoiding a catastrophic default. and on the budget nondefense federal spending holds flat next year with a 1% increase in 2025. for months democrats had refused to discuss spending cuts tied to a debt limit increase so many republicans say curbing any spending is a win. >> this was a carefully negotiated deal that balanced interests of people who some people want to spend a lot more money, and some people want to spend even less. this is a really good deal. >> reporter: but frustration is smoldering in both

. >> i want to bring in nbc's senior national political reporter, sahil, and kelly o'donnell. sahil, let's start on capitol hill. you've got several house republicans either criticizing the deal or saying outright they're not going to vote for it. where does that leave kevin mccarthy? how many votes can he afford to lose? >> well, first, there's no magic number for speaker mccarthy in terms of votes he needs because house democrats also get a vote here and a big number of them are likely to vote for this deal. it's not clear how many at this point, but we know mccarthy wants at the minimum half of his republican conference. so his floor should be about 110 to 120. his ceiling is probably going to be about 180 or so. he's going to lose the house freedom caucus. that's one of the so-called five families. the most hard right members are highly unlikely to vote for this. most vote against bipartisan increases. more realistic number is somewhere in between. if he can get around 140, 150, it will be more than a majority of his conference. probably enough to keep him in decent standi

. >> let's bring in nbc news senior white house correspondent kelly o'donnell, also with us in studio senior business analyst stephanie ruhle. i'll start with you, kelly. we heard from president biden. how does he intend to get congress to act before this approaching deadline, just seven days away. >> reporter: that's one of the big challenges because the white house says there is no plan b that they can turn to. no other option other than congress passing an increase to the debt limit. things like discussion of the 14th amendment, a provision in that that says that the government must honor its obligations, they're saying at the white house that that's not a viable tool at this point because it hasn't been tested through the court system. so it's about trying to message this with urgency as the negotiating teams continue to speak today. part of the big question mark here is even if they reach an agreement today or tomorrow, is there enough time to get it through all the steps required to pass something in congress, both the house and the senate and then get it to the president's desk

kelly noted in this moment from the very first moments of the first republican debate. >> you've called women you do not like that pigs. dogs. slobs. and disgusting animals. your twitter account -- >> only rosy o'donnell. >> before the end of that campaign, we have found out that donald trump was also a serial sexual assault or by his own admission, recorded on what became known as the access hollywood tape. once he became president, trump managed to escape any real tangible accountability for all of it. in fact, he went further than that, he secured these single bit just rollback of woman's right in american history, i think it is fair to say. in terms of rocketing backwards, by nominating and placing three supreme court justices who then overturned roe v. wade. so this has always been one of the stories of the trump years. but finally, maybe he is facing some measure of justice. the leader of the republican party, the leading contender for the republican nomination next year, today and a federal courthouse by a jury of his peers has been found liable for sexual abuse and defamation. some people will argue it is old news and many of the past accusations against donald trump have changed anything. i t