White House, Republicans agree in principle on debt ceiling deal

WASHINGTON, May 28 (Audio) The US White House and House Republicans reach a “great deal” on raising the debt ceiling to avoid a possible default amid deep partisan divisions and global fears Reached.

NBC News reports that key negotiators will extend the debt ceiling on Saturday night to avoid a catastrophic default, days before the Treasury Department announces that U.S. funding may be depleted. A general agreement has been reached, according to NBC News.

“We have reached an agreement in principle that the American people deserve,” McCarthy said in a tweet.

Since 1960, Congress has raised the debt ceiling permanently, extended it temporarily, or revised its definition 78 times, according to the U.S. Treasury Department.