Congress, Biden work to finalize deal raising debt ceiling as default fears loom

The House Rules Committee will vote Tuesday on a debt ceiling deal between President Biden and House Speaker Kevin McCarthy.
The deal would suspend the debt limit through January 2025 but also includes spending cuts and changes to programs like food stamps.
Hardline Republicans and progressive Democrats in Congress oppose the deal, threatening its passage in the House and Senate.
The Treasury Department has warned that the U.S. could default as soon as Monday without action.
Though uncertainty remains, financial markets have responded positively to news of a potential deal.