U.S. President Joe Biden and House Speaker Kevin McCarthy have reached a tentative deal to raise the federal government’s $31.4 trillion debt ceiling, ending a months-long stalemate, a source familiar with the negotiations said on Saturday.
The White House and negotiators for House Republicans have agreed in principle to avert a debt default, a source familiar with the situation said.
According to sources, President Biden spoke with Speaker McCarthy from Camp David on Saturday night to work towards a debt ceiling deal. The call ended after an hour and a half.
This is a breaking news story and will be updated.
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