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good friday morning, everybody. i am erica hill with rahel solomon. poppy harlow is off today. nice to be friday. >> isn't it? >> we are here for that. five things to know for this friday. june 2nd, the debt ceiling bill on its way to president biden's desk and once signed the threat of a u.s. default is off the table until after the 2024 election. >> also, new questions this morning about that partial building collapse in davenport, iowa. just days before the wall came crashing down an engineering firm said, quote, bricks appear ready to fall imminently. you can see the gap in the n...

we didn't to it by taking the easy way. >> right now on "early start," can the senate now fast track the debt limit bill just days before the default deadline. plus -- the former president on tape talking about a document he kept. and the republican race for president heating up with mike pence and chris christie about to jump in. who is next. welcome to our viewers in the united states and arntround the. i'm christine romans pl the bill is in the hands of the senate. >> yeas are 314, nays are 117. the bill is passed. >> last night the house overwhelming passed a bipartisan agreeme...

economists say this one should not hurt the economy. joining me now is cnbc senior analyst, congressional continue, julie tsirkin, and nbc news white house correspondent, al -- allie raffa. i want to read a few notable things. jason fuhrman, the former deputy director of obama's national council says the fed will be happy. the economy needs cooling off and this takes pressure off interest rates in accomplishing cooling off. a jpmorgan chase analyst says the agreement could function as the equivalent of a quarter point increase in interest rates in terms of helping to restrain inflati...

even the kremlin calling this situation larming. >> what we're seeing as a completely new phase alaunching it in russia. >> we're very clear with the ukrainian that's we do not support attacks inside russia. >> the 2024 gop presidential race is about to get more crowded. mike pence will throw his hat into the ring. >> chris christie feels he's the only candidate that is willing to take on donald trump directly head-to-head. >> are they going to get in the race and tactually say somethin about him, to him? >> it's a difficulty. >> and the guide saved a climber's life hauling him down ...

christine romans. it's memorial day here in the u.s. glad you're with us. let's get going. we begin this morning with president biden defending the deal he made with house speaker kevin mccarthy to raise the debt limit for two years. >> it takes the threat of catastrophic reform off the table. protects our hard-earned economic recovery. and the agreement also represents a compromise which means no one got everything they want. >> mccarthy agreed to raise the debt limit in explain for cuts to the budget. even though, the president insisted to reporters he wasn't actually negotiating o...