Debt-ceiling talks show progress, but economic stability still at risk.

Top congressional Republican Kevin McCarthy said he was making "progress" in negotiations with Democratic President Joe Biden on raising the federal government's debt ceiling, as the nation faced risk of default in little more than a week. The Treasury Department on Friday said the government would run short of funds to pay all its bills on June 5 without congressional action. Republicans have sought to curb government spending sharply over the coming 10 years to slow the growth of the U.S. debt, which is now equal to the annual output of the economy.