Biden government strikes deal with Republicans to raise US debt ceiling

US House Speaker Kevin McCarthy says he has reached an "agreement in principle" with President Joe Biden as they race to strike a deal to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline, according to the House speaker

A deal to raise the federal government's $US31.4 trillion ($48 trillion) debt ceiling would end a months-long stalemate, but would also risk angering both Democratic and Republican sides with the concessions made to reach it.

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