Wall Street is slipping as the U.S. government creeps closer to the edge of a potentially disastrous default on its debt. The S&P 500 was 0.6% lower Tuesday in its first trading after President Joe Biden and House Speaker Kevin McCarthy closed a meeting late Monday that they called productive but ended with no deal. Washington is facing a deadline as early as June 1, when it could run out of cash to pay its bills. The stock market has remained resilient, but a worry on Wall Street is that Washington may not feel urgency to act until markets shake enough to show the stakes.
