US President Biden, McCarthy agree on tentative debt ceiling deal but the default still looms

On Saturday, US President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling through January 2025, two sources familiar with the negotiations said, reported Reuters.

However, some of the Republicans and Democrats aren’t happy with the much-awaited announcements due to the compromise each party had to do to reach the agreement.

The same pushes Reuters to mention that the deal still faces a difficult path to pass through Congress before the government runs out of money to pay its debts in early June.

More to come