Treasury secretary Janet Yellen had warned that the US may be unable to pay its bills by 5 June
Joe Biden and the House Republican speaker, Kevin McCarthy, have reached a deal in principle to raise the debt ceiling, with just days left before America was expected to default.
“I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people,” McCarthy said in a tweet.
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