Biden, Republicans Strike Tentative Deal to Raise US Debt Ceiling
The White House and House Republicans have reached an agreement in principle to raise the U.S. debt ceiling. Described by President Joe Biden as “good news for the American people,” the deal would open the door to avoiding a historic default by the government in Washington and averting not just a potential economic catastrophe in the United States but a global recession as well.
The agreement has been reached by President Joe Biden and House Speaker Kevin McCarthy during a phone call on Saturday. Both sides are now facing the difficult task to convince the Republican-controlled House and Democrat-dominated Senate to back the deal in Congress before June 5.
If approved by lawmakers, with the House vote expected on Wednesday, the agreement would increase the limit for the U.S. government’s $31.4 trillion debt through January 2025.
