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The crypto rebound is losing steam, leaving Bitcoin on course for its worst month since the FTX exchange

By Engen Tham, Summer Zhen and Selena Li HONG KONG/SHANGHAI (Reuters) -Credit Suisse has scrapped plans to set up a

Hard-fought to the end, the debt ceiling and budget cuts package is heading toward a crucial U.S. House vote as President Joe Biden and Speaker Kevin McCarthy assemble a coalition of centrist Democrats and Republicans to push it to passage over fierce blowback from conservatives and some progressive dissent. Biden is sending top White House officials to meet early Wednesday at the Capitol to shore up support ahead of voting. McCarthy is working furiously to sell skeptical fellow Republicans, even fending off challenges to his leadership, in the rush to avert a potentially disastrous U.S. default. Despite deep disappointment from right-flank Republicans that the compromise falls short of the spending cuts they demanded, McCarthy insisted he would have the votes needed to ensure approval. “We’re going to pass the bill,” McCarthy said as he exited a lengthy late Tuesday night meeting at the Capitol. Quick approval by the House and later in the week the Senate would ensure government checks will continue to go out to Social Security recipients, veterans and others, and prevent financial upheaval at home and abroad. Next Monday is when Treasury has said the U.S. would run short of money to pay its debts, risking an economically dangerous default. The package leaves few lawmakers fully satisfied, but Biden and McCarthy are counting on pulling majority support from the political center, a rarity in divided Washington, testing the leadership of the president and the Republican speaker. Overall, the 99-page bill restricts spending for the next two years, suspends the debt ceiling into January 2025 and changes policies, including new work requirements for older Americans receiving food aid and greenlighting a controversial Appalachian natural gas line that many Democrats oppose. For more than two hours late Tuesday as aides wheeled in pizza at the Capitol, McCarthy walked Republicans through the details, fielded questions and encouraged them not to lose sight of the bill’s budget savings. The speaker faced a sometimes tough crowd. Leaders of the hard-right House Freedom Caucus spent the day lambasting the compromise as falling well short of the spending cuts they demand, and they vowed to try to halt passage by Congress. “This deal fails, fails completely," Rep. Scott Perry, R-Pa., the chairman of the Freedom Caucus, said earlier in the day, flanked by others outside the Capitol. “We will do everything in our power to stop it.” A much larger conservative faction, the Republican Study Committee, declined to take a position. Even rank-and-file centrist conservatives were not sure, leaving McCarthy desperately hunting for votes. Rep. Nancy Mace, R-S.C., said after the “healthy debate” late into the night she was still a no. Ominously, the conservatives warned of potentially trying to oust McCarthy over the compromise. “There’s going to be a reckoning,” said Rep. Chip Roy of Texas. Biden was speaking directly to lawmakers, making more than 100 one-on-one calls, the White House said. The nonpartisan Congressional Budget Office said the spending restrictions in the package would reduce deficits by $1.5 trillion over the decade, a top goal for the Republicans trying to curb the debt load. McCarthy told lawmakers that number was higher if the two-year spending caps were extended, which is no guarantee. But in a surprise that could further erode Republican support, the GOP's drive to impose work requirements on older Americans receiving food stamps ends up boosting spending by $2.1 billion over the time period. That's because the final deal exempted veterans and homeless people, expanding the food stamp rolls by some 78,000 people monthly, the CBO said. House Democratic leader Hakeem Jeffries said it was up to McCarthy to turn out votes from some two-thirds of the Republican majority, a high bar the speaker may not be able to reach. Some 218 votes are needed for passage in the 435-member House. Still, Jeffries said the Democrats would do their part to avoid failure. “It is my expectation that House Republicans would keep their promise and deliver at least 150 votes as it relates to an agreement that they themselves negotiated,” Jeffries said. “Democrats will make sure that the country does not default.” Liberal Democrats decried the new work requirements for older Americans, those 50-54, in the food aid program. And some Democratic lawmakers were leading an effort to remove the surprise provision for the Mountain Valley Pipeline natural gas project. The energy development is important to Sen. Joe Manchin, D-W.Va., but many others oppose it as unhelpful in fighting climate change. The top Democrat on the House Natural Resources Committee, Rep. Raul Grijalva of Arizona, said including the pipeline provision was “disturbing and profoundly disappointing.” Rep. Pramila Jayapal, D-Wash., chair of the Congressional Progressive Caucus, had this warning for McCarthy: “He got us here, and it’s on him to deliver the votes." Wall Street was taking a wait-and-see approach. Stock prices were mixed in Tuesday's trading. U.S. markets had been closed when the deal was struck over the weekend. The House aims to vote Wednesday and send the bill to the Senate, where Democratic Majority Leader Chuck Schumer and Senate Republican leader McConnell are working for passage by week's end. Schumer called the bill a “sensible compromise.” McConnell said McCarthy “deserves our thanks.” Senators, who have remained largely on the sidelines during much of the negotiations between the president and the House speaker, began inserting themselves more forcefully into the debate. Some senators are insisting on amendments to reshape the package from both the left and right flanks. But making any changes to the package at this stage seemed unlikely with so little time to spare before Monday's deadline. ___ Associated Press writers Farnoush Amiri, Mary Clare Jalonick and Seung Min Kim contributed to this report. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Changes to food aid in debt bill would cost money, far from savings GOP envisioned GOP chairman moves to hold FBI director Wray in contempt over Biden doc Debt limit agreement clears first hurdle. Here’s what happens next

The US government took one step back from self-inflicted economic disaster on Tuesday.

TAIPEI Apple Inc supplier Foxconn said on Wednesday artificial intelligence applications would strongly drive demand for its server

House Speaker Kevin McCarthy helped secure a debt limit deal -- now he has to secure its passage in the House, with little room for error and a looming threat to his speakership.

The bipartisan agreement to raise the debt limit cleared a key hurdle on Tuesday evening despite vehement criticism from many House Republicans. The House Rules Committee voted 7-6 to advance the legislation that codifies the bipartisan agreement struck between House Speaker Kevin McCarthy’s team and negotiators from President Joe Biden’s administration. The rule will now go to the full House floor before the agreement comes to a full House vote. The rule passed after an hours-long deliberation in the committee that included multiple amendment proposals. The vote comes as Treasury Secretary Janet Yellen has warned that the United States will be unable to satisfy its debt obligations come 5 June. The House of Representatives is set to vote But many House Republicans raised objections, including members of the House Freedom Caucus who had previously opposed Mr McCarthy’s bid for speaker in January. Rep Andy Biggs (R - AZ) told The Independent that Mr McCarthy’s deal with the White House was a repeat of his past behaviour. “When he was been in leadership for 13 years, it was not uncommon for him to be the point man to go negotiate a spending cap deal with the Democrats,” he said. Many Republicans criticised the fact that the legislation keeps in place Mr Biden’s student loan forgiveness, only claws back a small sliver of money meant to increase funding for the Internal Revenue Service and raises the debt limit until January 2025, after the 2024 presidential election. Rep Bob Good (R - VA) told The Independent that the bill symbolised a surrender from House Republican leadership. “We have literally come together and our leadership and their leadership and agreed on a Democrat bill,” Mr Good told The Independent. But many allies of Mr McCarthy also opposed the legislation. Rep Nancy Mace (R - SC), who voted for Mr McCarthy for speaker in January, announced her opposition to the bill. “Washington is, was and always will be lousy at responsibly spending your tax dollars,” she tweeted. “That won’t change unless we demand change.” Rep Chip Roy (R - TX) refuted the idea that conservatives would want the United States to default on its debt obligations. “The only person who would default in this town is Joe Biden unless Republicans default on the American dream by voting for this bad bill,” he said at a press conference. “That is why this group will oppose it, we will continue to fight it, today, tomorrow, and no matter what happens, there’s going to be a reckoning about what just occurred.” Mr Roy had tweeted on Monday that during the negotiations for the speakership, Republican leaders pledged that nothing would pass the Rules Committee without at least seven Republican votes and the committee would not allow for reporting out rules without unanimous Republican votes. During the negotiations, Mr Roy tried to stress his opposition and said why Republicans should oppose the bill. “We're not going to reduce spending through this deal. Unless we actually stand up and reduce spending it'll be on us to choose to,” he said during the hearing. “But this deal isn't going to reduce spending even though everybody's going around saying it will.” But some Republicans stressed that the agreement was the only one that could pass the House and Senate and end up on the president’s desk. “We only control one-half of one-third of government,” Rep Erin Houchin (R - IN) said. “There’s no better deal to be had.” Mr McCarthy expressed confidence in a press conference that he would have enough votes to raise the debt limit. “I’m not sure what in the bill people are concerned about,” he told reporters, saying it is the largest savings in congressional history. “We’re pulling money back for the hard-working taxpayers that are going to China. Are they opposed to work requirements for welfare?” On the Senate side, both Republican and Democratic leaders praised the agreement. “Congress will vote on legislation that locks in that important progress,” Senate Minority Leader Mitch McConnell (R - KY) said in remarks on the Senate floor. “Republicans have a tremendous opportunity to take on an existential challenge facing our economy and future generations of Americans. We have a chance to start bringing Washington Democrats’ reckless spending to heel.” Senate Majority Leader Chuck Schumer said the bill was a reasonable compromise. “Of course, nobody is getting everything they want – there is give on both sides – but this agreement is the responsible, prudent and very necessary way forward,” he said on the Senate floor. Mr Schumer said he would bring the bill up as quickly as possible for consideration before the default deadline on 5 June. Read More Biden ‘optimistic’ about McCarthy negotiations as AOC slams ‘dysfunctional’ debt ceiling system Debt ceiling deal reached between Biden and McCarthy Conservatives bark after the debt limit deal. Will they actually bite McCarthy? GOP chairman moves to hold FBI director Wray in contempt over Biden doc Utah Republican Chris Stewart planning to resign from Congress, AP source says Debt limit deal is in place, but budget deficit is still a multi-decade challenge for US government

WASHINGTON A bill to suspend the $31.4 trillion U.S. debt ceiling and avert a disastrous default advanced on

By David Kirton SHENZHEN, China For the ambitious Chinese tech entrepreneur, expanding into the U.S. just keeps getting

Members of the billionaire Sackler family will be protected from current and future lawsuits over their role in their Purdue Pharma's opioid business, a New York court of appeals ruled Tuesday.

By Suban Abdulla LONDON Sentiment among British businesses fell for the first time in three months in May

By Lucy Craymer WELLINGTON New Zealand companies will start to benefit from the country’s new free trade agreement