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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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.