5/28, 2:45 AM (Source: TeleTrader)
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Biden, McCarthy allegedly reach debt limit deal in principle

United States President Joe Biden and House Speaker Kevin McCarthy reached a deal in principle to raise the debt ceiling and avoid default, US media reported. Details of the proposed deal will be shared with the wider GOP membership in a conference call at 9:30 ET, while the final deal could be announced during the night or on Sunday, according to sources. After the deal is put forward, the House and the Senate will have to rush to approve it ahead of the June 5 deadline.

According to reports, the agreement includes a debt limit suspension until 2025, a cap on non-defense spending for 2024 and 2025, stricter work requirements for food stamps until 2030, rescinding unused COVID-19 funds, and a reduction of Internal Revenue Service (IRS) new funding from $80 billion to $70 billion, among others.

Baha Breaking News (BBN) / DJ