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May 24, 2023

Wall Street slides as debt worries worsen

AP Business Writer

NEW YORK — Stocks slid Tuesday as the U.S. government crept closer to the edge of a potentially disastrous default on its debt.

The S&P 500 fell 1.1% after House Speaker Kevin McCarthy said, “We're not there yet” on a deal to prevent the U.S. government from running out of cash. That followed a meeting late Monday that he and President Joe Biden called productive but ultimately ended with no agreement.

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