US debt ceiling compromise expected soon amid questions whether a deal can be passed – live

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Negotiators appear to be close to agreement as lawmakers are on 24-hour notice to return to Washington if a vote is scheduled

Good morning, US politics blog readers. It looks like negotiators for Joe Biden and Republican speaker of the House Kevin McCarthy are getting close to agreeing on an outline of a deal to raise the debt ceiling through the 2024 in exchange for cutting some government spending, according to reports that emerged yesterday. That’ll quell fears that the standoff could lead to the US government defaulting on its debt for the first time in history sometime around 1 June, and likely wreck the economy. But McCarthy and Biden are only two men – powerful men yes, but there are 100 senators and 435 House representatives who must decide whether to vote for whatever deal they agree to or not. Expect to hear plenty from them as the agreement is fleshed out.

Here’s what else is happening today:

Unable to borrow any money, the US government’s cash balance dipped to $49.5bn on Wednesday – less than 24 billionaires, Bloomberg reports.

The House and Senate are holding only brief sessions today, but House lawmakers are on 24-hour notice to come back to Washington during the Memorial Day holiday weekend to vote on the debt limit deal.

Biden welcomes NCAA champions the Louisiana State University Tigers women’s basketball team to the White House at 2pm eastern time, and NCAA men’s basketball champions the University of Connecticut Huskies at 5pm.

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