Preliminary agreement reached in dispute over debt ceiling

Preliminary agreement reached in dispute over debt ceiling

2023-05-28 03:01:46

Kevin McCarthy

The leader of the House of Representatives wants to speak to the press in the evening.

(Photo: AP)

Washington Democrats and Republicans have apparently reached a tentative agreement in the dispute over raising the debt ceiling. Several US media report this unanimously, citing insiders. The project still has to be approved by Congress.

There are still “one or two little things” to be clarified, but the sides are close enough to reach an agreement, reports the Reuters news agency, citing a second source. According to the news channel CNN, the provisional agreement on the debt ceiling will be reviewed by both sides overnight. The leading Republican in the US Congress, Kevin McCarthy, wants to speak to the press on Saturday evening.

The week-long dispute over raising the upper limit from the previous $31.4 trillion was followed with great interest on the financial markets. Without an agreement, the United States would have been threatened with insolvency. Experts had feared serious consequences for the global economy.

US Secretary of Commerce Janet Yellen recently pushed back the deadline by a few days – to June 5th. From then on, the US might not have been able to pay its bills.

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