Republicans, Biden reach debt ceiling deal
President Joe Biden and Republican leader Kevin McCarthy announced a deal Saturday to raise the debt ceiling, dragging the United States back from the precipice of default with only a few days to spare.
Congress will vote on the deal to extend the government's borrowing authority on Wednesday, just shy of the June 5 "X-date" when Treasury estimates government will no longer be able to pay its bills, plunging the economy into turmoil.
Biden said in a statement that the deal was "good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost."
McCarthy, who spoke with Biden on Saturday to close the deal, said there was still "a lot of work to do, but I believe this is an agreement in principle that's worthy of the American people."
The Republican speaker added he would consult again with president and oversee final drafting of the bill, and the House would "then be voting on it on Wednesday."
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