UPDATE 11-Biden, McCarthy reach tentative US debt ceiling deal - Yahoo Finance

TL;DR

(Adds deal details)By Steve Holland, Gram Slattery and Katharine JacksonHowever, the deal was announced without any celebration, in terms that reflected the bitter tenor of the negotiations and the difficult path it has to pass through Congress before the United States runs out of money to pay its debts in early June. The deal will avert an economically destabilizing default, so long as it succeeds in passing it through the narrowly divided Congress before the Treasury Department runs short of money to cover all its obligations, which it warned on Friday will occur if the debt ceiling issue was not resolved by June 5. There are numerous opportunities in each chamber along the way to slow down the process

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