WASHINGTON (CBS19 NEWS) -- Senator Tim Kaine says the negotiations on raising the debt ceiling seem to be moving in the right direction.

U.S. Secretary of the Treasury Janet Yellen has warned that if the debt ceiling isn't raised by as soon as June 1, there could be catastrophic economic consequences. But Kaine says there could be a resolution sometime next week put forth by the U.S. House.

"The expression of the president and the Democratic leaders, Leader Jeffries and Leader Schumer, that we're not going to have a default is matched with the clear and unequivocal statements of Senator McConnell that there will be no default," he said.

Kaine also says although House Speaker Kevin McCarthy hasn't taken a default off the table, he's made some positive statements about the progress that has been made and has indicated the House will act on an agreed framework.