Tip: The text of the US debt ceiling agreement bill is 99 pages long.

The text shows that the debt ceiling agreement will authorize a 1% increase in defense spending in fiscal year 2025.

The text shows that the debt ceiling agreement will authorize $886 billion for defense spending in fiscal year 2024; it will also authorize $703 billion for non-defense category spending in fiscal year 2024.

GBP/JPY rose to 173.95, its highest level since 2016.

U.S. Senate Minority Leader Mitch McConnell expressed support for the debt ceiling agreement and urged the Senate to pass the agreement.

US White House official: US non-defense discretionary spending in fiscal year 2024 will only decrease by US$1 billion compared with the previous year.

The Biden-McCarthy deal also provides protections against judicial review and expires in two years, White House documents show.

The agreement between U.S. President Joe Biden and U.S. House Speaker McCarthy calls for agencies to come up with provisions to offset significant budget costs, but offers broad immunity, according to White House documents.

White House: Debt deal will neither cut health care nor increase poverty.

Market news: US Secretary of State Blinken will travel to Sweden, Norway and Finland from May 29 to June 2.

US President Joe Biden: House Speaker McCarthy is expected to get enough votes to pass the debt ceiling agreement.

US President Biden: I believe House Speaker McCarthy is negotiating in good faith.

U.S. President Joe Biden: Removing the debt ceiling will spark more controversy.

US President Biden: People will find that I have not made too many concessions.

Market news: US President Biden and House Speaker McCarthy had a call on the debt ceiling.

Reminder: The London Stock Exchange is closed for the spring bank holiday.

WTI crude oil opened up 0.7% on Monday and is now at $73.43 a barrel.

The S&P 500 and Nasdaq futures opened 0.6% higher at the open on Monday, as concerns over a debt-ceiling agreement reached over the weekend eased.

Ukrainian President Volodymyr Zelensky congratulated Turkish President Recep Tayyip Erdogan on his victory and said he looked forward to strengthening relations between the two countries to ensure "security and stability in Europe".

British Prime Minister Rishi Sunak congratulated Turkish President Recep Tayyip Erdogan on the phone tonight, according to a statement.