US House Speaker Kevin McCarthy says he has reached an "agreement in principle" with President Joe Biden as they race to strike a deal to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline, according to the House speaker.
A deal to raise the federal government's $US31.4 trillion ($48 trillion) debt ceiling would end a months-long stalemate, but would also risk angering both Democratic and Republican sides with the concessions made to reach it.
