Senate Majority Leader Chuck Schumer said he’s had a “good conversation” with Senate Minority Leader Mitch McConnell, R-Ky., about raising the debt limit.

The New York Democrat’s comments came in a speech on the Senate floor, The Hill said.

“Soon the Senate must take action to ensure that the United States does not default on its sovereign debt for the first time in history,” Schumer said.

“I recently had a good conversation with the Republican leader about this issue, and I expect to continue those talks on achieving a bipartisan solution to addressing the debt limit. By now we know the dangers of an unprecedented default.”

He said that Treasury Secretary Janet Yellen has warned that failure to extend the debt ceiling would “eviscerate” the economic recovery in the U.S.

“I look forward to achieving a bipartisan solution to addressing the debt limit soon.” Schumer noted.

Schumer and McConnell met before the Thanksgiving recess, according to The Hill. McConnell had said they had a “good discussion” about issues dealing with the end of the year.

Yellen had told lawmakers on Nov. 16 she believes the federal government   will exhaust all its maneuvering room to avoid default soon after Dec. 15, The Associated Press reported.

“To ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible,” Yellen wrote to congressional leaders.

And the Bipartisan Policy Center said there’s a 50% chance the federal government will default on the national debt if Congress doesn’t raise or suspend the borrowing limit before lawmakers leave for Christmas recess.

The Hill reported that the Washington think tank believes the Treasury Department will likely be unable to keep the U.S. solvent sometime between mid-December and early January. But the BPC said the “X date” is likely to fall sometime in the first half of the time range.