Debt ceiling negotiations continue with potential solutions on the horizon.

House Speaker Kevin McCarthy said he does not think the U.S. will default on its debt as negotiations over the debt ceiling continue. Leaders are running out of time to raise the debt ceiling before a June 1 deadline when the government is set to run out of money. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president — and prevent default. Doing so does not authorize new spending.