First Thing: Debt ceiling deal within sight as Biden and Republicans continue to negotiate

House adjourned for holiday weekend, but lawmakers could be recalled to vote on deal if agreement is reached. Plus, why men lose their friends – and how they can make more

Good morning.

Joe Biden and Republican lawmakers yesterday appeared to be nearing a deal to cut spending and raise the debt ceiling, with little time to spare to avoid a potential default that could wreak havoc on the economy and global markets.

What did McCarthy say yesterday? The Republican House speaker told reporters last night that the two sides have not reached a deal. “We knew this would not be easy,” he said.

What did Biden say? “Speaker McCarthy and I have had several productive conversations, and our staffs continue to meet – as we speak, as a matter of fact – and they’re making progress,” Biden said last night at the White House. “There will be no default, and it’s time for Congress to act now.”

What has China said? Beijing has accused the G7 countries of collaborating to “smear and attack” it at last weekend’s summit in Hiroshima, Japan, after leaders outlined strong concerns about China’s actions in the region.

What has Biden said? After attending the summit, Biden told reporters to expect improvements in the US-China relationship, adding: “In terms of talking with them, I think you’re going to see that thaw very shortly.”