House Speaker Kevin McCarthy said he expects to speak with President Joe Biden within the next hour on negotiations to avert a catastrophic US debt default.

The California Republican reiterated his opposition to raising revenue and said Biden told him in their recent Oval Office meeting that he knew taxes were off the table. He’s now reversed course, McCarthy said.

McCarthy’s comments come amid turbulent talks to avoid a default, which Treasury Secretary Janet Yellen has signaled could become a risk as soon as June 1.

“It seems as though he wants default more than he wants a deal,” McCarthy said in a Sunday interview with Fox News.

McCarthy said there’s some talk of extending the debt ceiling until 2025, but he said he’s demanding cuts to federal spending in exchange for GOP votes to do so.

At the Capitol, Republican Representative Patrick McHenry, one of McCarthy’s top lieutenants, said he was pessimistic about the status of talks. There are not plans for White House and GOP negotiating teams to meet, he said.

Investors are bracing for currency volatility this week and losses in equities as US lawmakers struggle to clinch a debt-limit deal.