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 $31.4 trillion debt ceiling was reached after a 90-minute phone call between Biden and McCarthy on May 27.
Following the publication of this article, Biden has since confirmed via Twitter the existence of an “agreement in principle,” explaining that it will prevent the U.S. facing a “catostrophic default.”
Biden noted that “over the next day,” the agreement will go the U.S. House and Senate. He urged both chambers to “pass the agreement right away.”
Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle.
It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and…
— President Biden (@POTUS) May 28, 2023
Meanwhile, McCarthy also took to Twitter to confirm the agreement in principle, alleging that Biden “wasted time and refused to negiotate for months.”
Reuters reported that while “the exact details of the deal were…
