"Debt Ceiling Deal Reached, But Concerns Remain for Social Security and Government Borrowing"

The US government is still at an impasse regarding lifting the debt ceiling, with the possibility of default looming. Inflation remains high, and some states are offering their own financial assistance in the absence of a fourth federal stimulus check. The Social Security Administration will issue millions of payments to beneficiaries in June, with an increase in monthly checks for those receiving Supplemental Security Income. The Federal Open Market Committee will meet in June to decide on interest rates, and Wall Street is preparing for another hike. House committees are working on turning the Biden-McCarthy debt ceiling deal into law, with some Republicans and Democrats expressing concerns over spending cuts and expanded work requirements for benefits.