Senate races to wrap up debt ceiling deal before default deadline

Days away from a default crisis, the U.S. Senate dashed on Thursday to wrap up work on a debt ceiling and budget cuts package that overwhelmingly cleared the House, aiming to send it to President Joe Biden’s desk to become law before the fast-approaching deadline.

Source: Debt ceiling 'agreement in principle' has been reached

President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle" late Saturday as they raced to strike a deal that to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline,