White House and Republicans reach tentative deal to avoid default: reports
The White House and House Republicans have reportedly reached a deal in principle that would raise the debt ceiling and avoid default.
The deal was reported by Reuters Saturday night, citing sources familiar with negotiations. The outlet reported:
"U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate, two source familiar with the negotiations said on Saturday," according to the report. "The White House and negotiators for House Republicans have reached an agreement in principle to avert a debt default, two sources familiar with the situation said."
While specifics about the deal aren't yet available, there is some reporting showing there could still be sticking points.
"But, I’m not sure it’s completely settled. Might be one or two small things they need to finish. But close enough to move forward," the second source said, according to the report.
"Biden and McCarthy held a 90-minute phone call earlier on Saturday evening to discuss the deal," Reuters reported. "The deal would avert an economically destabilizing default, so long as they succeed in passing it through the narrowly divided Congress before the Treasury Department runs short of money to cover all its obligations, which it warned Friday will occur if the debt ceiling is not raised by June 5."
You can read the article here.
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