The political fight has the potential to spook markets across the globe, adding to the economic turmoil facing US investors. Treasury Secretary Janet Yellen has declared that the US has hit its federal debt limit, kicking off an intense political battle that puts the global financial system at risk. Congress and the White House have until at least early June to resolve the issue, and in the coming months investors will begin to see the impact of a possible US default on its payment...

Photographer: Sarah Silbiger/Bloomberg Private-equity firms have been dealt a setback in their latest attempt to get companies they own access to billions of dollars of loans that the U.S. government is doling out to help small businesses hit hard by the coronavirus pandemic. The next bill in the U.S. Senate doesn’t give the industry relief it has been seeking as lawmakers negotiate another round of economic stimulus, according to two people familiar with the matter who asked not to be named...