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01:00:41 29-05-2023

US President Biden, House Speaker McCarthy agree on tentative debt ceiling deal but the default still looms

On Saturday, US President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling through January 2025, two sources familiar with the negotiations said, reported Reuters.

However, some of the Republicans and Democrats arent happy with the much-awaited announcements due to the compromise each party had to do to reach the agreement.

The same pushes Reuters to mention that the deal still faces a difficult path to pass through Congress before the government runs out of money to pay its debts in early June.

More to come

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