Senate races to wrap up Biden-McCarthy debt ceiling deal before default deadline

Days away from a default crisis, the U.S. Senate is dashing to wrap up work on the big debt ceiling and budget cuts package. President Joe Biden negotiated the deal with Speaker Kevin McCarthy to avert an unprecedented U.S. default on its debts, and the House passed it Wednesday night. Senate Majority Leader Chuck Schumer said Thursday he wants to finish up without bringing the issue “down to the wire.” Quick passage in the chamber will require cooperation from Democrats and Republicans, much like the centrist coalition that carried it to House passage. The U.S. is facing a potentially disastrous default as soon as Monday if Congress fails to act.