Stocks slid on Wall Street as the U.S. government creeps closer to the edge of a potentially disastrous default on its debt.
The S&P 500 fell 1.1% Tuesday as Democrats and Republicans still haven’t agreed on a deal to keep the U.S. government from running out of cash. Washington is facing a deadline as early as June 1. The Dow Jones Industrial Average and Nasdaq composite also fell.
The stock market has remained resilient despite the debt-ceiling drama, but a worry among investors is that Washington may not feel urgency to act until markets shake enough to show the stakes.