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
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.