Asked later in the morning if a deal could be reached on Saturday, the Republican speaker said he was waiting on a return phone call from the White House, and added, “I am always hopeful.”

He also vowed that Congress will reach an agreement before the new deadline or so-called X date, when the United States runs out of money to pay its bills.

A Democratic Party source familiar with the ongoing negotiations told NBC News the two sides “are very close but not done yet.”

President Joe Biden is spending the Memorial Day long weekend at Camp David but remaining in constant contact with his negotiators.

The House and Senate are technically on a week-long break for the long weekend, which started Thursday.

House Republicans, who hold a majority, have insisted on federal spending cuts of approximately $4.8 trillion over the next decade in exchange for agreeing to a proposed $1.5 trillion increase to the debt limit.

Biden and the Democrat-led Senate want a debt ceiling increase absent of any preconditions.

“Everybody won’t like what is the end of the agreement…on both sides,” McCarthy said Saturday.

“But…at the end of the day I think people should see what that product is before people vote on it.”

He also reiterated his 72-hour pledge to give legislators a full three days to read any drafted agreement before voting on whether or not to approve it.

The deadline to reach a deal before defaulting is not set in stone.

Treasury Secretary Janet Yellen sent a letter to Congress Friday saying the government will now have until June 5 before it runs out of money to pay its bills rather than her previously-announced June 1 deadline.

“Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” Yellen said in the letter.