Originally Published: 19 MAY 23 11:57 ET

Updated: 19 MAY 23 14:39 ET

By Melanie Zanona and Haley Talbot, CNN

(CNN) — Debt ceiling talks between the White House and House Speaker Kevin McCarthy’s office have hit a snag, and negotiators have put a pause on the talks, multiple sources tell CNN.

Negotiators met briefly in the Capitol on Friday before breaking up, and as of right now, there are no more meetings scheduled for the day.

This setback dashes hopes that there could be a deal in principle by this weekend.

McCarthy confirmed that talks have paused, saying there’s not enough “movement” from the White House and suggested that spending levels are part of the issue.

“We’ve got to get movement by the White House. And we don’t have any movement yet,” McCarthy told reporters as he headed into the Capitol.

Asked why he had such an optimistic tone one day earlier, McCarthy said, “I really felt we were at the location where I could see the path. The White House is just – we can’t be spending more money next year. We have to spend less than the year before. It’s pretty easy.”

Sources familiar with the White House’s thinking acknowledge that part of the reason for the temporary breakdown in talks is that White House negotiators are fighting for the president’s priorities, viewing the extent of spending cuts House Republicans are pushing for as unacceptable.

The pause in and of itself doesn’t mean the talks are falling apart. High-stakes talks on Capitol Hill over the years often feature derailments or collapses before negotiators pull things back on track. But it does underscore the challenges ahead to reaching a deal.

Time is of the essence and pressure is building to raise the borrowing limit ahead of June 1, which is the earliest date the Treasury Department says the government could be unable to pay its bills. If the US were to default, it would likely trigger a global economic catastrophe.

McCarthy said he has not spoken to the president and did not answer questions about next steps.

GOP Rep. Garret Graves, who is leading negotiations for House Republicans, left a brief meeting with negotiators in the morning saying the situation was “not productive.” He said he is not sure they will meet again this weekend.

“Until people are willing to have reasonable conversations about how you can actually can move forward and do the right thing we aren’t going to sit here and talk to ourselves. That’s what’s going on,” Graves said.

As talks stalled, a White House official acknowledged that there are “real differences” and “talks will be difficult,” but said the president’s negotiating team is working to reach a “reasonable bipartisan solution.”

This story has been updated with additional information.