President Joe Biden and House Speaker Kevin McCarthy, R-Calif., have reached an agreement in principle to raise the debt ceiling and avoid a potentially disastrous default by the U.S. government.
After days of negotiations, the president and GOP leader reached the debt ceiling agreement during a phone call Saturday evening.
Biden called the deal an "an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone."
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Political News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.