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Today’s Big Story

Debt ceiling crisis resolved…almost

President Joe Biden and House Speaker Kevin McCarthy reached an agreement on Sunday to raise the nation’s debt ceiling and avoid a federal default.

Why it matters: The bill still needs to pass approval in both the House and Senate before the June 5 deadline, or the country will default and potentially trigger a catastrophic recession.

Break it down: Both parties had wins and losses during the negotiations.

• The debt ceiling will be raised until 2025, and non-defense discretionary spending remains the same, which Democrats view as wins.

• Republicans are happy about the new work requirements for people on welfare, increases in defense spending, clawbacks on unspent COVID aid, and some IRS funding.

• There are also no tax increases or any other revenue raisers, which Republicans count as wins.

What’s Next? McCarthy promised a draft of the agreement will be ready and shared with lawmakers in time for House votes as soon as Wednesday, and later in the coming week in the Senate. However, there are reports that some representatives are unhappy with compromises in the bill and will vote against its approval. Nonetheless, Biden and McCarthy remain confident that both parties will benefit from the compromises and that the bill will get passed.

Little Stories

Business & Economy

*China’s first homemade passenger jet made its first commercial flight on Sunday, as China hopes to compete with industry giants Boeing and Airbus. However, many of the airplanes components are western-made.

*Hyundai and LG partner to build a $4.3 billion electric vehicle battery plant in Georgia.

World

*Turkish President Recep Tayyip Erdoğan defeated his opponent in the presidential runoff on Sunday, claiming another 5-year term.

*More than 30 women abducted by separatist rebels for protesting illegal taxes imposed on them were released on Friday, according to Cameroonian government officials.

US News, Politics, & Government

*Texas’ Republican led House impeached Rep. state Attorney General Ken Paxton on Saturday for bribery and abuse of public trust. Paxton will be suspended pending an outcome of a trial in that state Senate.

*State Farm will no longer accept new home and business insurance applications in California because of the increase in catastrophic events and high constructions costs.

Sports & Entertainment

*Josef Newgarden passed last years champion in the final lap to win the Indianapolis 500 on Sunday afternoon. The American driver managed to avoid 3 crashes that occured in the final 15 laps to claim the victory.

*The Boston Celtics tied the series against the Miami Heat 3-3 on a last second buzzer beating tip in on Saturday. If the Celtics win game 7, they will be the first team in NBA history to advance in the playoffs after being down 3-0.

Science, Health, & Tech

*Neuralink wins FDA approval for clinical trials to begin inserting brain microchips into humans.

*14 cancer drugs are in short supply forcing doctors to ration doses and consider alternative treatments with more side effects for patients.

Extras

*Yosemite National park could close river recreation well into July.

*Mapped: Diabetes rates by country in 2021.

*An Indian official got suspended for draining a reservoir to find a phone he dropped while taking a selfie.

*Video evidence of Mark Zuckerberg admitting he’s an alien.