1/ A group of Republicans threatened to delay plans to fast-track the House-passed bill to suspend the debt ceiling and limit federal spending before Monday’s default deadline. Lindsey Graham said he’d keep the Senate tied up “until Tuesday” unless he received assurances that there would be a supplemental funding bill to spend more money on the military than the debt limit deal allowed. Under the bill, defense spending would be capped at $886 billion next year – a 3% increase – which Susan Collins called “woefully inadequate.” Biden needs to sign the debt ceiling bill into law by Monday to avoid a default. “Time is a luxury the Senate does not have if we want to prevent default,” Chuck Schumer said. “June 5 is less than four days away. At this point, any needless delay or any last-minute holdups would be an unnecessary and even dangerous risk.” (CNBC / Washington Post / New York Times / Associated Press / NBC News / Bloomberg / Wall Street Journal)

2/ The Senate passed a Republican effort to overturn Biden’s plan to cancel up to $20,000 in federal student loans for 43 million borrowers. Biden has promised to veto the measure. The legislation would also repeal the freeze on student loan repayment and limit the Education Department’s ability to cancel student loans in the future. It passed in a 52-46 vote, with two Democrats and one independent senator joining with Republicans. (Associated Press / CNBC / Politico / USA Today / NBC News)

3/ The largest property insurer in California will stop selling coverage to homeowners because of the state’s “rapidly growing catastrophe exposure.” State Farm, which insures more homeowners in California than any other company, cited wildfire risk, rising construction costs, and challenges with rei...