Debt Ceiling: Senate Votes on Debt Limit Bill as a Default Looms

President Biden taking questions at the White House on Memorial Day after a debt-ceiling deal had been reached with Republican leaders in principle over the weekend. At the center of the compromise legislation is a two-year suspension of the debt ceiling, which would allow the government to continue borrowing money so that it can pay its bills on time. In exchange for that suspension, Republicans demanded a range of policy concessions from President Biden. Here’s a look at the agreement: The bill cuts so-called nondefense discretionary spending, which includes domestic...