Welcome to Seeking Alpha's Wall Street Breakfast, your daily source of market news and analysis.

Good morning. Today is Tuesday, May 30th, and I'm your host, Kim Khan.

I'm filling in this week for Julie Morgan, who will be back with you next week.

Our top stories today, the debt ceiling deal moves towards a vote in Congress.

What's next for stocks and bonds with the

tail risk of default almost gone? Salesforce is expected to join the AI bandwagon

as it reports results. Leading today's news, investors got some closure over the long weekend, not just with

the last episode of succession, but also with a debt limit agreement by the leadership of both parties.

Now it's up to the House and Senate to vote on the bill. The

ex-state, when the Treasury would run out of cash to pay its obligations, has would

push to June 5th, giving lawmakers a little more breathing room.

Deutsche Banks Jim Reed says there's not much room for error,

but with moderates on both sides seemingly in line,

then there can be a vocal minority on both sides

against a steel, and it still passes. So what's in the deal? The agreement lists the current

31.4 trillion dollar deal ceiling to 2025 meaning limit on government borrowing would be

extended until after the next presidential election.

Non-defense spending will be capped at current levels for the next fiscal year and rise by 1% in 2025.

Congress would also need to approve 12 annual spending bills or risk facing a snap back to spending limits from the previous year.

Other changes that were central to the compromise include limiting some food stamp provisions to encourage recipients to find jobs.

The agreement also halts some funds to hire new IRS agents,

clause back billions of dollars in unspent COVID relief,

...