White House and Republican negotiators reached a tentative deal late Saturday to raise the US debt ceiling and avert a default that threatened to send tremors through the global economy.
President Joe Biden and House Speaker Kevin McCarthy, who sealed the agreement during a 90-minute phone call, must now shepherd the framework to final legislative passage over the objections of hardliners in both parties.
McCarthy said he will talk with Biden again on Sunday and line the bill up for a vote on Wednesday.
"We still have a lot of work to do, but I believe this is an agreement in principle that is worthy of the American people," McCarthy told reporters at the Capitol.
There's little margin for error, with Treasury Secretary Janet warning that an extension must be finalised by June 5 to historic avoid a default that would send borrowing costs soaring. The deal reached after weeks of bitter discussions - includes a two-year appropriations agreement that keeps nondefence spending roughly flat with current levels, a person familiar with the deal said, speaking on condition of anonymity.
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