According to US media, President Joe Biden will shorten a trip to Asia in order to concentrate on domestic debt ceiling talks.
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Prior to visiting Papua New Guinea and Australia, President Biden was scheduled to go to the G7 summit in Japan on Wednesday.
According to a source who spoke to the US broadcaster CBS, he is now anticipated to return after the summit to meet with congressional leaders in Washington.
If negotiations fall through, the US risked defaulting on its $31.4 trillion (£25 trillion) in debt.
Mr. Biden had been scheduled to visit Papua New Guinea following the 19–21 May summit in Hiroshima for discussions on regional security before flying to Australia for a gathering of the "Quad" that would include the presidents of India, Japan, and Australia.
According to US media, Mr. Biden will instead return to Washington, DC.
The choice was made after Mr. Biden met briefly with congressional leaders in the White House, including House Speaker Kevin McCarthy, who told reporters an agreement might be reached "by the end of the week."
Republican leaders are requesting spending reductions in return for their backing of lifting the debt ceiling.
US Treasury Secretary Janet Yellen issued a warning this month that if Congress didn't increase or suspend the debt ceiling, the US could not have enough money by the first of June.
The US government would be unable to borrow any more money if the debt ceiling were to be reached, leading to a disastrous default.
Ms. Yellen asked Congress to fix the cap "as soon as possible" at the time.
Republicans in Congress have lambasted Mr. Biden for visiting Asia during discussions about the debt ceiling.
Speaking to Bloomberg News, Mr. McCarthy said the president's objectives would be called into question by a seven-day overseas trip during a home budgetary crisis.
The president's objective of not defaulting on the national debt and what that would mean for the United States, according to White House National Security Council spokesman John Kirby, may cause Mr. Biden's trip plans to alter.
Countries like Russia and China, according to Mr. Kirby, "would love nothing more than for us to default."
A default, which would be the first in US history, may destabilize international financial markets and erode confidence in the political stability of the US.
A default, according to experts, may also cause the US to enter a recession and increase unemployment.
To now, an agreement to avert this situation has been elusive. Republicans put out a plan in April that would suspend the debt ceiling for $1.5 trillion or until March 31st, whichever comes first.
In return, they agreed to keep expenditure at important government agencies at 2022 levels for the next fiscal year and restrict growth to 1% per year for the following ten years.
They claimed that doing so would save $4.8 trillion.
However, the approach would undermine a number of Mr. Biden's legislative initiatives, such as student loan forgiveness.
According to the White House, working people would be forced to "bear the burden of tax cuts for the wealthiest" under the Republican provisions.
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