Joe Biden, Kevin McCarthy reach 'agreement in principle' to raise debt ceiling as default looms

US President Joe Biden and House Speaker Kevin McCarthy reached an "agreement in principle" on federal spending late on 29 May, ahead of resolving the looming debt crisis, according to an anonymous official familiar with the matter. With the outlines of a deal in place, the legislative package could be drafted and shared with lawmakers in time for votes early next week in the House and later in the Senate.

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