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Biden reaches ‘tentative’ U.S. debt ceiling deal: Report

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Published May 27, 2023 09:25PM ET Updated May 27, 2023 11:00PM ET

Biden reaches 'tentative' U.S. debt ceiling deal: Report

Amid growing concerns of a potential default by early June, the United States president Joe Biden and Republican Kevin McCarthy have reportedly reached an “agreement in principle” to raise the federal government’s multi-trillion dollar debt ceiling.

According to a May 28 report from Reuters, citing two sources familiar with the negotiations, the “tentative” agreement to raise the U.S. government’s $31.4 trillion debt ceiling was reached after a 90-minute phone call between Biden and McCarthy on May 27.

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Biden reaches ‘tentative’ U.S. debt ceiling deal: Report

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