Biden cuts deal in principle with Republicans to avert catastrophic US default ...Middle East

WASHINGTON: US President Joe Biden and Republican lawmakers struck a deal in principle to raise the country’s debt ceiling yesterday, in a crucial first step towards eliminating the threat of a disastrous default with just days to spare.The government is expecting to hit its borrowing limit on June 5, raising the possibility of the world’s largest economy failing to honour its repayment obligations for the first time and igniting a firestorm in global markets.Party leaders now face a race against time to muscle the agreement through Congress, with hard-right Republicans and Democratic progressives both crying foul over concessions made to seal the deal.The culmination of weeks of tense, high

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Last updated : 28 May 2023 clock 05:36 AM

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Biden cuts deal in principle with Republicans to avert catastrophic US default ...Middle East

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