Debt ceiling deal in the works as default risk looms.

US President Joe Biden and top Republican lawmaker Kevin McCarthy are close to reaching a deal on the US debt ceiling, with the parties just $70 billion apart on discretionary spending. The agreement is expected to be a slimmed-down version with top line numbers for discretionary spending, including a number for military spending, but leaving lawmakers to hammer out the fine details of categories like housing and education through the normal appropriations process in the months ahead. The end result would likely just put guardrails on future budget talks, not spell out detailed spending.