President Joe Biden addresses the nation on the budget deal that lifts the federal debt limit and averts a U.S. government default, from the Oval Office of the White House in Washington, Friday, June 2, 2023. (Jim Watson / Pool via AP)

The Treasury Department had warned that the country would start running short of cash on Monday, which would have sent shockwaves through the U.S. and global economies.

Senate Majority Leader Chuck Schumer, D-N.Y., speaks to reporters after a hectic series of amendment votes and final passage on the big debt ceiling and budget cuts package, at the Capitol in Washington, Thursday, June 1, 2023. (AP Photo / J. Scott Applewhite)

The compromise package leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the U.S. and global economy until 2025 after the next presidential election.

House Speaker Kevin McCarthy of Calif., speaks with members of the press about debt limit negotiations Saturday, May 27, 2023, on Capitol Hill in Washington. (AP Photo/Patrick Semansky)

President Joe Biden and House Speaker Kevin McCarthy have been working the phones in an intense push to sell Congress on the 99-page bill that would suspend the nation's debt limit through 2025 to avoid a federal default while limiting government spending.

Speaker of the House Kevin McCarthy, R-Calif., is questioned by reporters after the GOP leader spoke privately to his Republican colleagues, at the Capitol in Washington, Tuesday, May 23, 2023. (J. Scott Applewhite / AP Photo)

The White House and House Republicans are working to reach a budget compromise before June 1, when Treasury Secretary Janet Yellen has said the country could run out of cash to pay the nation’s bills. A debt default would be potentially devastating for the U.S. and global economy.

FILE - Senate Minority Leader Mitch McConnell of Ky., Speaker of the House Kevin McCarthy of Calif., and Senate Majority Leader Sen. Chuck Schumer of N.Y., listen as President Joe Biden speaks before a meeting to discuss the debt limit in the Oval Office of the White House, Tuesday, May 9, 2023, in Washington. (AP Photo / Evan Vucci, File)

The Biden administration is racing to strike a deal with Republicans as the nation careens toward a potentially catastrophic debt default if the government fails to increase the borrowing limit, now at $31 trillion, to keep paying the nation’s bills.

Chicago Deputy Mayor Jennifer Johnson speaks at a White House event launching a new initiative to fight homelessness. (You Tube / White House)

Dubbed the ALL INside initiative, officials with the U.S. Interagency Council on Homelessness, which is made up of 19 federal agencies, vowed to work for two years to get unsheltered people into homes by identifying new funding and bringing together philanthropic and nonprofit groups.

The BP Whiting refinery in East Chicago, Ind., stands on Sept. 21, 2017. (DroneBase via AP, File)

The 134-year-old refinery, located between Hammond, Indiana, and Chicago, is the biggest in the U.S. Midwest and sixth largest nationally. It processes about 440,000 barrels of crude oil daily, making a variety of liquid fuels and asphalt.

Speaker of the House Kevin McCarthy of Calif., left, and Vice President Kamala Harris listen as President Joe Biden speaks during a meeting with Congressional leaders in the Oval Office of the White House, Tuesday, May 16, 2023, in Washington. (AP Photo / Evan Vucci)

Crucial debt ceiling negotiations are still far from success, but a deal is possible by the end of the week, Republican House Speaker Kevin McCarthy said after a brief meeting Tuesday with President Joe Biden and other congressional leaders.

A Border Patrol agent keeps watch as immigrants enter a vehicle to be transported from a makeshift camp on May 13, 2023 in San Diego, California. (Maria Tama / Getty Images via CNN)

But US authorities saw a 50% drop in the number of migrant encounters along the border over the previous two days compared to earlier in the week — before Title 42 ended. The situation at the border is “very fluid,” a senior Homeland Security official told reporters Monday.

Clearance sale signs are displayed at a retail store in Downers Grove, Ill., Wednesday, April 26, 2023. On Wednesday, the Labor Department reports on U.S. consumer prices for April. (AP Photo/Nam Y. Huh)

Prices increased 0.4% from March to April, the government said Wednesday, up from a 0.1% rise from February to March. Compared with a year earlier, prices climbed 4.9%, down slightly from March’s year-over-year increase.

Hundreds of Southwest Airlines checked bags are piled together at baggage claim at Midway International Airport as Southwest continues to cancel thousands of flights across the country on Dec. 28, 2022, in Chicago. (AP Photo / Erin Hooley, File)
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The compensation would be in addition to ticket refunds when the airline is at fault for a flight being canceled or significantly delayed. It would give consumers in the United States protections similar to those in the European Union.

Quentin Fulks stands for a portrait outside the John F. Kennedy School of Government at Harvard University, Feb. 2, 2023, in Cambridge, Mass. (AP Photo / Charles Krupa, file)

Anne Caprara, Pritzker’s chief of staff and former campaign manager, who hired Quentin Fulks as her 2018 deputy, described him as a “soft-spoken” but skilled operative who understands Democrats’ uneasy coalitions

President Joe Biden speaks from the Treaty Room in the White House on April 14, 2021, about the withdrawal of the remainder of U.S. troops from Afghanistan. (AP Photo / Andrew Harnik, Pool, File)

The announcement, in a three-minute video, comes on the four-year anniversary of when Biden declared for the White House in 2019, promising to heal the “soul of the nation” amid the turbulent presidency of Donald Trump — a goal that has remained elusive.

Chicago Mayor-elect Brandon Johnson celebrates with supporters after defeating Paul Vallas after the mayoral runoff election late Tuesday, April 4, 2023, in Chicago. (AP Photo / Paul Beaty, File)

In Chicago, a former teacher’s union organizer unexpectedly won the mayor’s race. In St. Louis, progressives secured a majority on the municipal board. The next opportunities could lie in Philadelphia and Houston, which also hold mayoral elections this year.

Gov. J.B. Pritzker, Sen. Tammy Duckworth and other Democrats celebrate on April 12, 2023, after Chicago was chosen to host the 2024 Democratic National Convention. (WTTW News)

The victory was a coup for Gov. J.B. Pritzker, who urged national Democrats to pick Chicago, even though Illinois has not been a true swing state for more than a generation.

This image contained in a court filing by the Department of Justice on Aug. 30, 2022, and partially redacted by the source, shows a photo of documents seized during the Aug. 8 FBI search of former President Donald Trump's Mar-a-Lago estate. (Department of Justice via AP, File)
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Top lawmakers, including Sen. Mark Warner, D-Va., chairman of the Senate Intelligence Committee, had for months been asking the Justice Department to provide access to the documents — or at least an assessment of what was in them — so that Congress could gauge the potential national security harm.