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Biden and McCarthy reach final deal to avoid US default
Updated On: 30 May, 2023 08:04 AM IST | Washington | Agencies
The days ahead will determine whether Washington is again able to narrowly avoid a default on U.S. debt, or the global economy enters a potential crisis
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Speaker of the House Kevin McCarthy, R-Calif., talks to reporters about the debt limit in Washington Sunday. Pic/AP
With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation’s debt ceiling and worked to ensure enough support in Congress to pass the measure in the coming week.
The Democratic president and Republican speaker spoke late in the day as negotiators rushed to draft and post the bill text for review, with compromises that neither the hard-right or left flank is likely to support. Instead, the leaders are working to gather backing from the political middle as Congress hurries toward votes before a June 5 deadline to avert a damaging federal default.
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