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,

Debt ceiling: Experts worry US default could send economy into tailspin

The June 1 deadline to raise the debt ceiling is fast approaching and right now the White House and Republicans in Congress are at odds over whether to increase the nation’s spending limit. Some experts caution defaulting could send financial markets into tailspin.