Congress Faces Tough Battle Passing Debt-Limit Deal Amid Looming Deadline.
The US debt-limit deal struck by President Joe Biden and Speaker Kevin McCarthy faces a tough battle for passage in Congress before a June 5 default deadline. The deal offers a lot for the two parties not to like, from expanded work requirements for food stamps opposed by Democrats to higher spending levels than conservatives demanded. A time-consuming, last-minute revision or a failure on the House floor risks a market dive, as happened when the 2008 bank bailout legislation failed to pass.