President Joe Biden and Republican Kevin McCarthy have reportedly agreed in principle to raise the US federal government’s $31.4 trillion debt ceiling, amid concerns of a potential default in early June. According to Reuters, which cited “two sources familiar with the negotiations,” the “tentative” deal was reached after a 90-minute phone call on May 27. The sources stated that “The White House and negotiators for House Republicans have reached an agreement in principle to avert a debt default.” However, a source noted that there are still a few components of the deal to be finalized before moving forward. The deal is said to prevent an “economically destabilizing default,” but it must be passed through Congress before June 5. Failure to do so would result in the Treasury running short of money. It is important to note that the exact details of the deal have not been made available yet. This is a developing story, and further information will be added as it becomes available.
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I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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