U.S. President Joe Biden and top Republican lawmakers will declare their positions face to face on Tuesday on raising the $31.4 trillion U.S. debt ceiling, with an unprecedented default looming in three weeks if Congress does not act, TurkicWorld reports citing Reuters.

Ahead of the 4 p.m. Eastern time (2000 GMT) Oval Office session, there were no signs that either side would immediately agree to any concessions that would head off a default as early as June 1.

Economists warn that a lengthy default could send the U.S. economy into a deep recession with soaring unemployment while destabilizing the global financial system that's built on U.S. bonds. Investors are bracing for impact.

The Democratic president is calling on lawmakers to raise the federal government's self-imposed borrowing limit without conditions. Republican House of Representatives Speaker Kevin McCarthy has said that his chamber will not approve any deal that does not cut spending to address a growing budget deficit.

Past debt ceiling fights have typically ended with a hastily arranged agreement in the final hours of negotiations, thus avoiding a default. In 2011, the scramble prompted a downgrade of the country's top-notch credit rating. Veterans of that battle warn that the current situation is even riskier because political divides have widened.