The U.S. House Rules Committee is preparing for a crucial meeting on May 30 to discuss the debt ceiling bill and prevent a potential default. The U.S. Treasury has warned that its ability to cover fiscal obligations would falter by June 5 without the passage of this bill.

A bipartisan agreement has been reached between President Joe Biden and House Speaker Kevin McCarthy to temporarily suspend the debt ceiling and cap federal spending in specific areas. The agreement has received mixed reactions from both Republicans and Democrats, but if passed, it promises to protect the U.S. government from a debt default.