Negotiators reconvened on Thursday after working through the night to strike a deal, as hard-right Republicans and some Democrats expressed concerns about the shape of an emerging compromise.
The last crisis, in 2011, led to a credit downgrade that sank stocks. This time, Treasury Secretary Janet Yellen has warned of a “financial catastrophe.”
Representative Kevin McCarthy has so far faced no viable challenger for the speakership. But if he is unable to secure the votes, an alternative could quickly emerge.