Biden defends negotiating with Republicans on budget and debt ceiling deal.

President Joe Biden and House Republicans reached an agreement in principle to suspend the debt ceiling and avert a default. The deal includes "historic reductions in spending" and consequential reforms that will lift people out of poverty into the workforce. The agreement represents a compromise, which means not everyone gets what they want, said Biden. The deadline for default was June 5, and the agreement was reached with little time to spare. The U.S. has never defaulted on its debt, and just the possibility of such a scenario has in the past sent markets into wild fluctuations.