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Republicans and the White House are narrowing their differences over raising the US debt limit but still haven't reached an agreement to avert an approaching default. GOP Representative Patrick McHenry said the list of issues dividing the two camps had grown shorter. Should a deal be reached soon, Tuesday is emerging as the likely day for a House vote. The Senate would then need to act quickly to send it to Biden's desk before June 1, the date by which Treasury Secretary Janet Yellen has said her department could run out of cash. Meanwhile, the economic impact of a debt ceiling deal will have ripple effects for presidential candidates in 2024 — and even in 2028.
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