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Ben Levisohn, Jack Hough and Carleton English discuss the impact of debt negotiations on the markets, Foot Lockers shares and earnings performance as well as the resignation of Morgan Stanleys CEO James Gorman.

The Treasury Deptartment is expected to run out of the cash necessary to fund the federal government’s obligations by June 8 or 9 unless the debt ceiling is lifted, according to a report by Goldman Sachs.

Since the U.S. ran up against its $31.4 trillion debt limit in January this year, the Treasury has been using "extraordinary measures" which are accounting maneuvers that involve shifting funds between certain accounts to pay the government’s bills. Treasury is only able to use the extraordinary measures so long as balances in those accounts remain above $30 billion, at which point it can no longer fulfill all the federal government’s obligations.

Negotiators representing the Biden administration and congressional Republicans have been operating under the assumption June 1 will be the date on which Treasury exhausts its extraordinary measures, which could give lawmakers extra time to finalize a deal if the June 8 or 9 estimate from the Goldman Sachs note pans out. However, the report noted that there’s still a chance June 1 will be the deadline.

"The estimate is subject to substantial uncertainty so there is certainly a chance that receipts could slow more than expected and leave the Treasury short of cash by June 1 or 2," Goldman economists Alec Phillips and Tim Krupa wrote in the note to clients, which Bloomberg first reported.

YELLEN SAYS ODDS OF US PAYING ALL ITS BILLS BY JUNE 15 IS ‘QUITE LOW’ AS DEBT CEILING DEADLINE LOOMS

A report by a pair of economists from Goldman Sachs indicates the Treasury may have until June 8 or 9 until it’s unable to pay all the government’s obligations. (Fox News)

The Goldman Sachs economists noted that on Thursday last week, Treasury’s cash balance was at a little more than $57 billion after it had about $92 billion the day before. The Treasury's cash balances ebb and flow day-to-day based on incoming tax receipts and spending levels as federal bills come due, but the extraordinary measures will eventually be tapped out.

"We are confident that Congress will avoid going past the deadline without action, but there are many paths this could take," wrote the economists, who assigned a 30% chance of the two sides agreeing to a deal this week, along with a 30% chance of a deal "shortly before" the deadline is reached.

"While we expect a deal to occur ahead of the deadline, we also expect a few more twists along the way, and suspect that markets are likely to price in additional risk before the debt limit is finally raised," they explained.

DEBT CEILING DEADLINE IS CLOSER THAN PREVIOUSLY EXPECTED – HERE’S WHY

Treasury Secretary Janet Yellen has said the debt limit needs to be increased by June 1 or the U.S. will face difficult choices about which bills to pay. (Drew Angerer/Getty Images / Getty Images)

Treasury Secretary Janet Yellen said Sunday during an interview on NBC’s "Meet the Press" the likelihood of the U.S. making it to mid-June without the Treasury exhausting its extraordinary measures is "quite low" and that June 1 remains the hard deadline.

"And my assumption is that if the debt ceiling isn’t raised, there will be hard choices to make about what bills will go unpaid," Yellen added without going into specifics.

Senate Minority Leader Mitch McConnell (R-Ky.), Speaker of the House Kevin McCarthy (R-Calif.) and President Joe Biden, meet with other lawmakers in the Oval Office of the White House to discuss the debt limit on May 9, 2023. (Anna Moneymaker/Getty Images / Getty Images)

Negotiations between President Biden and House Speaker Kevin McCarthy, R-Calif., have picked up over the last week after weeks of little movement as the two sides press to strike a deal that staves off the fast-approaching threat of default. 

House Republicans want to see a deal that contains spending caps, particularly on non-defense discretionary spending, while Democrats have been reluctant to agree to budget cuts.

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Biden and McCarthy are scheduled to meet Monday when the president returns from a trip to Japan for the G-7 that was cut short due to the state of negotiations, while staffers from the two sides will meet Sunday night. 

McCarthy has said that a deal in principle would likely need to be reached this weekend to give Congress enough time to turn the deal into legislative text and pass the bill through the House and Senate ahead of the June 1 deadline.

FOX Business’ Stephen Sorace contributed to this report.

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Love’s DQ gives Smith Xfinity win at Rockingham

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Love's DQ gives Smith Xfinity win at Rockingham

ROCKINGHAM, N.C. — JR Motorsports driver Sammy Smith was declared the winner of the NASCAR Xfinity Series race on Saturday at Rockingham Speedway.

Richard Childress Racing’s Jesse Love initially was announced as winning the race, but he was disqualified in postrace technical inspection for issues on the rear suspension and credited with a 37th-place finish.

Smith also picked up the final $100,000 Dash 4 Cash bonus prize of the year at the first Xfinity Series race at Rockingham Speedway in over two decades.

With Love’s disqualification, Alpha Prime Racing’s Parker Retzlaff was promoted to second place, a career best. Harrison Burton, Brennan Poole and Taylor Gray rounded out the top five.

Austin Hill, Josh Williams, Jeb Burton, Daniel Dye and Jeremy Clements completed the top 10.

Joe Gibbs Racing’s Justin Bonsignore also was disqualified from the race for three or more lug nuts not safe and secure, dropping the No. 19 Toyota from 36th place to 38th.

The red flag came out after a wreck on the restart with 10 laps remaining. With drivers close on fuel, Kaulig Racing’s Christian Eckes sputtered coming up to speed, causing a multicar incident that swept up Dash 4 Cash drivers Justin Allgaier and Brandon Jones. That led to another late-race stoppage.

Jones and Allgaier finished 12th and 21st, respectively. The final Dash 4 Cash competitor, Carson Kvapil, finished 16th.

Love led 53 laps and Ryan Sieg, who finished 18th, a race-best 77 laps.

The Xfinity Series returns to action next Saturday at Talladega (Ala.) Superspeedway for the Ag-Pro 300 (4 p.m. ET, The CW, MRN Radio, SiriusXM NASCAR Radio).

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Husband describes ‘horror’ as wife fatally hit by van at golf course after police chase

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Husband describes 'horror' as wife fatally hit by van at golf course after police chase

A husband has described how he watched in “helpless horror” as his wife was fatally hit by a van at a golf course after the vehicle was involved in a police chase.

Suzanne Cherry, 62, died in hospital four days after she was struck on the morning of 11 April, Staffordshire Police said.

Two patrol cars had been following the grey Nissan van in Kingstanding, Birmingham, after receiving reports of suspicious activity, according to the Independent Office for Police Conduct (IOPC).

They stopped chasing the van when it came off the road and went up an embankment at Aston Wood Golf Club, where it hit Ms Cherry, of Aldridge, Walsall.

In a statement released by police, Ms Cherry’s husband – who was not named – paid tribute to his “beautiful wife” and said her death leaves an “unfillable void” in the lives of her family.

“While enjoying what should have been the safest of one of Suzanne’s many activities, I watched in helpless horror as the life of my beautiful wife and our future together was snatched away in an instant,” he said.

Ms Cherry’s husband said she had “an amazing and infectious zest for life”, adding: “Suzanne leaves a legacy and an unfillable void in the lives of her mother Maureen, her three adult children, two step-children and countless others from her work, her sporting activities and social circle.

“Sue was loved, and will be painfully missed by her entire family and friends, we ask that our privacy at this difficult time be respected.”

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Officers from three different forces have arrested six men in connection with the incident.

The IOPC is continuing to investigate the circumstances before the collision.

Police are continuing to appeal for witnesses to come forward.

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Prince Andrew joins King and Queen at Easter Sunday church service

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Prince Andrew joins King and Queen at Easter Sunday church service

Prince Andrew was among members of the royal family who attended the traditional Easter Sunday service in Windsor.

It is the second year in a row that the Duke of York has joined the King and Queen at St George’s Chapel, appearing to enter the chapel quickly after his eldest brother’s arrival.

Other members of the royal family, including Princess Anne, the Duke and Duchess of Edinburgh, Princess Eugenie and Princess Beatrice and Andrew’s ex-wife Sarah Ferguson, also gathered outside the church.

The Duke of York leaves after attending the Easter Mattins service at St George's Chapel in Windsor Castle, Berkshire. Picture date: Sunday April 20, 2025.
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The Duke of York leaving St George’s Chapel. Pic: PA

William and Kate did not attend the annual service, deciding instead to spend time with their children, George, Charlotte and Louis, in Norfolk before they go back to school.

Crowds wished the King and Queen a Happy Easter as they left the chapel, with two children presenting Camilla with a bunch of flowers, before they were driven away.

King Charles III and Queen Camilla attend the Easter Mattins service at St George's Chapel in Windsor Castle, Berkshire. Picture date: Sunday April 20, 2025.
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King Charles and Queen Camilla arriving at St George’s chapel. Pic: PA

The Princess Royal speaks with the Dean of Windsor, the Right Rev Christopher Cocksworth, as she arrives for the Easter Mattins service at St George's Chapel in Windsor Castle, Berkshire. Picture date: Sunday April 20, 2025.
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The Princess Royal. Pic: PA

Andrew was seen glancing at a member of the crowd, who wished him a “Happy Easter” before the duke walked off with his ex-wife.

The duke has not been pictured at a formal royal family event since last Easter. He missed the royal family’s traditional Christmas gathering at Sandringham amid the controversy surrounding his links to an alleged Chinese spy.

He disappeared from public life after stepping down from official duties in March 2020, following his explosive TV interview with BBC’s Newsnight.

The Duchess of Edinburgh followed by Princess Eugenie and her husband Jack Brooksbank and Princess Beatrice arrive for the Easter Mattins service at St George's Chapel in Windsor Castle, Berkshire. Picture date: Sunday April 20, 2025.
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The Duchess of Edinburgh followed by Princess Eugenie and Princess Beatrice. Pic: PA

Sarah, Duchess of York, waves to the crowd as she attends the Easter Mattins service at St George's Chapel in Windsor Castle, Berkshire. Picture date: Sunday April 20, 2025.
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Sarah Ferguson. Pic: PA

The Easter sermon is traditionally led by the Archbishop of Canterbury, but was today led by the Archbishop of York, Stephen Cottrell, from York Minster.

Mr Cottrell has temporarily taken over the role after Justin Welby announced he was stepping down in November last year, after an independent review found he “could and should” have reported decades-long abuse of men and young boys by his former friend, the barrister John Smyth QC.

Mr Cottrell has also apologised for his handling of the case.

King Charles III and Queen Camilla leave after attending the Easter Mattins service at St George's Chapel in Windsor Castle, Berkshire. Picture date: Sunday April 20, 2025.
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Pic: PA

Queen Camilla waves to the crowd as she holds a posy after attending the Easter Mattins service at St George's Chapel in Windsor Castle, Berkshire. Picture date: Sunday April 20, 2025.
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The Queen waves to crowds in Windsor. Pic: PA

King’s message of ‘faith, hope and love’

Last year’s Easter Sunday service was the King’s first major public appearance after he announced his cancer diagnosis.

The 76-year-old monarch is still receiving treatment for cancer, and last month, spent a short period of time in hospital after experiencing temporary side effects.

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King and Queen attend Maundy service

In his Easter message – a tradition he started when he was the Prince of Wales – Charles reflected on the examples of “great cruelty and great kindness” that “daily come before our eyes” – saying they should remind the world of the importance of the “virtues of faith, hope and love”.

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He shared the message last week ahead of attending the annual Maundy service at Durham Cathedral, where he presented the Maundy recipients – 76 men and 76 women – with two purses: one red and one white, containing Maundy Money.

The ancient tradition traces back to the 13th century and is given to recipients in recognition of outstanding Christian service and work in their local communities.

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