President Joe Biden and Republican House Minority Leader Kevin McCarthy met on Tuesday to discuss the looming debt limit, as both sides continued to trade barbs about the best way to handle the situation.

The debt limit, which sets a cap on the amount of money the United States can borrow, is set to expire on August 2. If the limit is not lifted, the government will be unable to borrow any more money and will be unable to pay its bills.

Biden has called for a clean debt limit increase, while McCarthy has pushed for a package of spending cuts and reforms to be included in any debt limit increase.

The meeting between Biden and McCarthy came after the House Republican caucus released a list of more than a dozen ideas for fiscal reforms, including a balanced budget amendment, a spending cap, and a debt limit increase tied to economic growth.

Meanwhile, some economists have warned that if the debt limit is not raised, the U.S. economy could fall prey to McCarthy’s ambition. They argue that the spending cuts and reforms proposed by McCarthy could lead to a recession, as the government would be unable to borrow money to fund essential services.

The debate over the debt limit is expected to continue in the coming weeks, as both sides continue to negotiate a deal. With the clock ticking, it remains to be seen if Biden and McCarthy can come to an agreement that will satisfy both sides.