Biden and McCarthy strike debt ceiling deal to avoid US default.
TL;DR Summary
President Biden and House Republican Speaker Kevin McCarthy have reached an agreement in principle to raise the federal government's $31.4tn debt ceiling, averting a default that would have destabilised the economy. The deal would raise the debt limit for two years, with no new taxes and "historic reductions in spending". The agreement still needs approval from the divided Congress, and McCarthy will need support from Democratic members to get the proposal through the House. The long standoff spooked financial markets, weighing on stocks and forcing the US to pay record-high interest rates in some bond sales.
- Biden and McCarthy reach ‘in principle’ deal to raise debt ceiling days before US default The Guardian US
- BREAKING: Biden and McCarthy reach a tentative deal to raise the debt ceiling MSNBC
- Biden and McCarthy Reach Debt Ceiling Deal to Avert U.S. Default The New York Times
- Debt ceiling deal should include spending cuts across the entire government The Hill
- Debt-limit talks still full of drama, but may be nothing BUT theater New York Post
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