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

Good morning. Today is Friday, June 2nd, and I'm your host, Kim Kahn.

I'm filling in for Julie Morgan. We'll be back next week. Our top stories today.

U.S. avoids default with passage of debt ceiling bill.

Markets brace for the May jobs report includes about rates and recession and the

S&P 500 hits a nine month high. Leading today's news, Congress pushed a debt

limit deal past the finish line, avoiding a first ever default by the U.S. that could have triggered a global crisis.

Late Thursday night, the Senate passed the debt ceiling package crafted by President

Joe Biden and House Speaker Kevin McCarthy, sending the legislation to the President's desk.

Senators voted 63 to 36 in favor of the bill that suspends the debt limit until January 1st, 2025.

In exchange, there are measures that reduce non-defense discretionary spending,

stiffen work requirements for some recipients of food stamps, and allows the Mount Valley

natural gas pipeline.

Votes in favor surpass the supermajority threshold of 60 votes required for the legislation.

Some 17 Republicans joined 44 Democrats and two independents in voting for the bill. Four Democrats voted against it, as did

31 Republican senators. The vote came in after the chamber voted on 11 amendments,

all of which failed. Biden said he's looking forward to signing the bill

into law as soon as possible.

He'll address the country at 7 p.m. Eastern time this evening.

Senate Minority Leader Mitch McConnell

tweeted that the vote was, quote,

an important step towards fiscal sanity.

...