US stocks climbed Wednesday as investors cheered encouraging developments on the debt ceiling negotiations between President Joe Biden and lawmakers in Washington, DC.
After a Tuesday afternoon meeting between Biden and congressional leaders, House Speaker Kevin McCarthy said that there's an improved process for further talks, and that it's"possible to get a deal by the end of the week." Biden had cancelled part of an overseas trip to prioritize the negotiations, the White House said.
"I think at the end of the day we do not have a debt default," McCarthy told CNBC on Wednesday."I think we finally got the president to negotiate." Treasury Secretary Janet Yellen has warned repeatedly of the nearing so-called"X-date," when the government defaults on its debt. Yellen said it could happen as early as June 1, and that the event would
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