US president Joe Biden has struck a deal with Kevin McCarthy, the Republican House speaker, that would avert a debt default looming in early June and bring relief to the global economy and financial markets.
Biden and McCarthy reached the in-principle agreement on Saturday following days of tense, round-the-clock negotiations between the White House and Capitol Hill that sought to break the fiscal stand-off gripping Washington.
The deal will raise America’s $13.4tn borrowing limit for two years, until after the next presidential election in late 2024, and will include caps on government spending over the same period.
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