U.S. House of Representatives Speaker Kevin McCarthy told CNBC in an interview that he doesn't think the U.S. will eventually default on its debt as tensions over the debt ceiling continue. McCarthy did not say he was optimistic about the progress of the negotiations, but he said he was encouraged by Biden's willingness to negotiate. U.S. President Joe Biden said on Tuesday he would cut short a trip to Asia to further his involvement in debt-ceiling negotiations. McCarthy said: "The only thing I have confidence in is that now we have a structure and we can find a way to come to a conclusion. There is no problem with the timetable. But we will make sure to come together and get the job done." House Republicans said , if Biden and lawmakers do not agree to future spending cuts, they will not lift the cap. Moody's recently predicted that if the US defaulted, US GDP would drop by 4%, and more than 7 million workers would lose their jobs. Even a brief default would cost 2 million jobs, the data showed.