"They are moving along," Biden told the White House press pool, adding that there was "real discussion" but that negotiators were "not there yet."
"We’ve not reached the crunch point yet," the president said.
He did not answer the question about the date of his next meeting with congressional leaders.
The White House and Republicans in Congress have been locked in a dispute on a deal that would avert an unprecedented national default as early as June.
The Financial Times on Saturday cited people familiar with the matter as saying that the pact was beginning to take shape ahead of a meeting between Biden administration officials and aides to the Republican House Speaker Kevin McCarthy. At the heart of the deal is reportedly a plan that will limit domestic spending.