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Biden, McCarthy reach tentative deal to raise US debt ceiling

Joe Biden Kevin McCarthy United States Economy Republican

House Speaker Kevin McCarthy speaks during a news conference after he and President Joe Biden reached an 'agreement in principle' to resolve the looming debt crisis on Saturday, May 27, 2023, on Capitol Hill in Washington, DC [Patrick Semansky/AP]

US President Joe Biden and House Speaker Kevin McCarthy have reached a tentative deal to raise the federal government’s $3.4 trillion debt ceiling days ahead of a deadline to avert a potentially catastrophic default.

The agreement on Saturday would raise the debt limit for two years while capping spending over that time, but risks angering both Democratic and Republican sides with the concessions made to reach it.

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