Debt ceiling deal clears House, heads to Senate amidst looming default.

The House of Representatives has passed a bipartisan agreement to suspend the nation's debt ceiling and avoid a catastrophic default on the nation’s debt with a package that also includes spending cuts pushed by Republicans. The bill now heads to the Senate, where Majority Leader Chuck Schumer wants a vote Friday. Congress needs to send an agreement to Biden’s desk before Monday, June 5 or the government won’t be able to pay bills coming due, Treasury Secretary Janet Yellen has warned.