Debt deal nearing deadline with potential for massive stock losses.

Republicans and the White House are reportedly closing the gap on spending levels in negotiations for a debt deal, with one person briefed on the talks saying that the two sides are still tens of billions of dollars apart. Republicans are eager to show progress before members leave for Memorial Day weekend, even if negotiators remain short of a deal. The negotiations are expected to continue over the weekend, with a possible Tuesday night vote if text is received in time. One credit rating agency is considering downgrading the nation’s top credit rating as the country staggers towards default.