Biden is 'hopeful' to get debt deal by late Friday

US President Joe Biden said Friday he is ''hopeful'' of a deal to raise the national debt limit by Friday night that could prevent an economic meltdown.

Biden made brief remarks to reporters about the debt ceiling before leaving Washington for Camp David.

"Things are looking good, I'm very optimistic," he said. "I hope we'll be able to know by tonight whether we have a deal.''

Asked if he would bow to Republican demands on work requirements for recipients to receive aid, Biden said: ''I don't bow to anybody.''

Treasury Secretary Janet Yellen warned in a letter Friday to Congress that the US will run out of money to pay its financial obligations by June 5.

The deadline is four days later than previous estimates by the agency.

Yellen urged Congress to raise or suspend the debt ceiling or risk a devastating default.

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