FILE – President Joe Biden speaks during a meeting with his “Investing in America Cabinet,” in the Roosevelt Room of the White House, Friday, May 5, 2023, in Washington. Biden would veto a House GOP bill that aims to restrict asylum, build more border wall and cut a program that allows migrants a chance to stay in the U.S. lawfully for two years, an administration official said Monday, May 8. (AP Photo/Evan Vucci, File)

WASHINGTON (AP) — House Speaker Kevin McCarthy and debt ceiling negotiators have hit “crunch” time as they strain to make a deal with the White House to raise the nation’s debt limit, avert default and cut federal spending. McCarthy said Friday there is still more work to do. Negotiators are racing for agreement this weekend. As soon as June 1, Treasury says it could run short of funds. A federal default on the national debt could send the economy into chaos. The budget flow isn’t the only hang-up. One thorny issue is a Republican demand opposed by Democrats for stiffer work requirements on people who receive government aid. Any compromise needs support from both Democrats and Republicans to pass in Congress.