The details of the deal between President Joe Biden and House Speaker Kevin McCarthy are out. The 99-page bill produced from their agreement Sunday would avoid a federal default while limiting government spending. But the two leaders still have to persuade Congress to pass the bill. Both sides can point to some victories in the package. It includes provisions to fund medical care for veterans, change work requirements for some recipients of government aid and streamline environmental reviews for energy projects. But some conservatives are concerned that the compromise doesn't cut future deficits enough. And Democrats have been worried about proposed changes to work requirements in programs such as food stamps.

An upbeat President Joe Biden says a deal to resolve the government’s debt ceiling crisis seems “very close." He spoke late Friday, shortly after Treasury Secretary Janet Yellen pushed the deadline for a potentially catastrophic default  back to June 5, an announcement that at first seemed likely to drag negotiations between the White House and Republicans into another frustrating week. House Republicans led by Speaker Kevin McCarthy spent the day negotiating by phone and computers with the White House. Biden said he would know by midnight whether there was a deal in the offing.

A unanimous Supreme Court has given a 94-year-old Minneapolis woman a new chance to recoup some money after the county kept the entire $40,000 when it sold her condominium over a small unpaid tax bill. The justices ruled Thursday that Hennepin County, Minnesota violated the constitutional rights of the woman, Geraldine Tyler, by taking her property without paying “just compensation.” Chief Justice John Roberts wrote for the court that the county "could not use the toehold of the tax debt to confiscate more property than was due.” Tyler, who now lives in an apartment building for older people, owed $2,300 in unpaid taxes, plus interest and penalties totalling $15,000. Minnesota is among roughly a dozen states that allow local jurisdictions to keep the excess money.

Both President Joe Biden and House Speaker Kevin McCarthy are speaking hopefully of the likelihood of an agreement to raise the government's debt limit and avert an economically chaotic federal default. Yet House Republicans are pushing debt ceiling talks to the brink. As they leave town Thursday for a long Memorial Day recess, it's a display of risky political bravado. They're just days out from a potentially devastating debt default if Congress fails to act to raise the borrowing limit. Both sides are still meeting, and Biden said he and McCarthy have been speaking as well.

A defiant House Speaker Kevin McCarthy says the debt ceiling standoff is “not my fault” after he sent Republican negotiators to the White House to finish out debt limit talks. But he's warning that the two sides need more time as they try to reach a budget deal with President Joe Biden. McCarthy says he remains optimistic they can make progress in hopes of an agreement before a deadline as soon as next week. That's when the Treasury Department could run out of cash to pay its bills. McCarthy vows, “We’re not going to default." The White House says Republicans have set in motion a “manufactured crisis” by pushing “extreme proposals” that would hurt “every single part of the country.”

Debt ceiling negotiators for President Joe Biden and House Speaker Kevin McCarthy are trading more budget-cutting ideas at the Capitol. Republicans warn there’s a “lack of urgency” at the White House to resolve the budget standoff in time to avert a potentially chaotic federal default. Democrats say Republicans are responsible for the holdup. Failure to strike a deal would be unprecedented, and certain to throw U.S. financial markets into turmoil, inflicting economic pain on households at home and abroad. Negotiators are trying to strike a budget deal to lower spending in exchange for a vote to raise the borrowing limit.

The Biden administration has canceled plans to award a $200 million grant to a U.S. battery manufacturer amid criticism from Republican lawmakers over the company’s alleged ties to China. Texas-based Microvast was one of 20 companies to win preliminary grants totaling $2.8 billion to boost domestic manufacturing of batteries for electric vehicles. The company is building a battery plant in Tennessee and was in talks with the Energy Department for a $200 million grant funded through the 2021 infrastructure law. A spokeswoman for Energy Secretary Jennifer Granholm confirmed Tuesday that negotiations with Microvast were canceled but did not offer a specific reason.

President Joe Biden and House Speaker Kevin McCarthy have met at the White House on the impasse over the government's debt ceiling. McCarthy said it was a productive discussion, but there's no agreement yet. Washington is racing to strike a budget compromise and raise the nation’s borrowing limit in time to avert a potentially devastating federal default as soon as next week. Biden says he's optimistic. After a weekend of start-stop talks, both Biden and McCarthy appeared upbeat as they face a deadline, as soon as June 1, when the government could run out of cash to pay its bills.

Debt limit talks have stopped again at the Capitol after having suddenly resumed Friday night. Two top Republican negotiators to House Speaker Kevin McCarthy say talks are done for the night. Next steps are uncertain. The quick succession of events came after McCarthy earlier in the day had said it was time to “pause” negotiations. A White House official acknowledged there are “real differences.” Then talks started anew in the evening, only to quickly halt again. President Joe Biden is racing to strike a deal with Republicans as the nation careens toward a potentially catastrophic debt default if the nation fails to pay its bills. A top Biden adviser said the White House remains hopeful.

President Joe Biden says he's confident the U.S. will avoid an unprecedented debt default, saying talks with congressional Republicans have been productive. Biden made his remarks as he left for a global summit in Japan. He'll return Sunday in hopes of approving a final deal. “I’m confident that we’ll get the agreement on the budget and America will not default,” Biden said at the White House. He said he and lawmakers will come together “because there’s no alternative.” Speaker Kevin McCarthy agreed, though he was more combative, saying Biden had “finally backed off” and come to the negotiating table. Top negotiators continued talks late into the evening at the Capitol.

The Congressional Budget Office says this year’s projected federal budget deficit has jumped by $130 billion. That's due in part to a proposed change to student loan repayment plans and a series of bank rescues. Overall, the agency expects deficits to increase by $20 trillion in the 2024 to 2033 period, with a caveat that their projections are “subject to a great deal of uncertainty.” The updated 10-year projection comes as President Joe Biden and congressional leaders try to break an impasse on raising the government's debt limit. Democrats and Republicans have disagreed on whether and how to raise the ceiling.

President Joe Biden is blasting Republican demands for federal spending cuts as “devastating." He made his case in a campaign-style speech to voters in Valhalla, New York, on Wednesday. At the same time, lawmakers met in Washington to try to find a path forward to lifting the government’s borrowing limit and avoiding a potentially catastrophic default as soon as June 1. The president showed an increased willingness to discuss possible deficit savings, yet he said that any talks should occur without the risk of the federal government being unable to pay its bills.

President Joe Biden says he and congressional leaders had a “productive” meeting Tuesday on trying to raise the nation’s debt limit. No agreement was reached, but they will meet again Friday to try to avert the risk in weeks of an unprecedented government default. Republican House Speaker Kevin McCarthy said after meeting with Biden and other Democrats that he "didn’t see any new movement” toward ending the months-long impasse over raising the nation’s borrowing limit. McCarthy stopped short of guaranteeing there would be no default, simply saying he was doing everything he could.

A union of government employees has  sued Treasury Secretary Janet Yellen and President Joe Biden to try to stop them from complying with the law that limits the government’s total debt, which the lawsuit contends is unconstitutional. The lawsuit comes just weeks before the government could default on the federal debt if Congress fails to raise the borrowing limit. Financial markets have become increasingly nervous about the potential for default, with economists warning that a failure to raise the debt limit could trigger a global financial crisis. On Tuesday, Biden will meet with the top Republicans and Democrats in Congress to seek a potential breakthrough. The two sides remain far apart..