The reviews are starting to come in as details emerge about the debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy.

Even before seeing those details, some lawmakers were criticizing the deal as not doing enough to tackle the nation's debt, while others worried it's too austere and will harm many low-income Americans.

U.S. President Joe Biden and Republican leader Kevin McCarthy announced a deal Saturday to raise the debt ceiling, dragging the United States back from the precipice of default with only a few days to spare.

Congress will vote on the deal to extend the government's borrowing authority on Wednesday, just shy of the June 5 "X-date" when the Treasury estimates the government will no longer be able to pay its bills, plunging the world's biggest economy into turmoil.

U.S. President Joe Biden has said that Democratic and Republican negotiators are on the verge of resolving a debt ceiling standoff, as the deadline for a potentially catastrophic U.S. default was pushed back to June 5.

House Speaker Kevin McCarthy has said that "every hour matters" as his team scrambles to finalize a budget deal with the White House that would enable the government to avoid a potentially catastrophic default. The two sides have to strike a deal in a matter of days before the country runs out of cash to pay its bills.

McCarthy's team visited the White House on Wednesday for what both sides said was a productive session — but it still failed to produce an agreement as time runs out. House Republicans left town ahead of the holiday weekend while waiting for leaders to produce a bill.

Wall Street followed world markets modestly higher early Friday, lifted by optimism that Congress and the president will strike a deal to unlock a vote for lifting the U.S. government's debt ceiling and avert a potentially calamitous default.

Futures for the Dow Jones Industrial Average and the S&P 500 each rose about 0.2% before the bell.

British Airways canceled dozens of flights Friday, blaming computer problems for disrupting plans for thousands of passengers at the start of a busy holiday weekend — a rocky kickoff to the summer travel season in Europe.

The technical glitches and strikes by airport staff across Europe are stirring concerns about a repeat of last summer's post-pandemic air travel chaos that unleashed delays, cancellations and mountains of lost luggage from London to Sweden to Amsterdam.

Commerce Secretary Gina Raimondo and her Chinese counterpart, Wang Wentao, expressed concern Thursday about policies of each other's governments following Chinese raids on consulting firms and U.S. curbs on exports of semiconductor technology, their governments said.

The two sides announced no progress in disputes over technology and security but said Raimondo and Wang promised to strengthen exchanges on trade issues.

Days from a deadline, President Joe Biden and House Speaker Kevin McCarthy are narrowing in on a two-year budget deal aiming to curb federal deficits in exchange for lifting the nation's debt ceiling and staving off an economically devastating government default.

The Democratic president and Republican speaker hope to strike a budget compromise this weekend. With Republicans driving for steep cuts, the two sides have been unable to agree to spending levels for 2024 and 2025. Any deal would need to be a political compromise, with support from both Democrats and Republicans to pass the divided Congress.

The World Bank approved a $300 million additional financing to Lebanon's poor, providing cash payments to help families struggling through the country's historic economic meltdown, institution said in a statement Friday.

The new financing comes two years after the World Bank approved a $246 million loan to Lebanon to provide emergency cash assistance to hundreds of thousands in the tiny Mediterranean nation of 6 million people.

The Chinese government on Wednesday defended its ban on products from U.S. memory chipmaker Micron Technology Inc. in some computer systems after Washington expressed concern, adding to strains over technology and security.

The security review of Micron products was "conducted in accordance with the law," said a foreign ministry spokesperson, Mao Ning.