05-28-2023, 02:22 PM
![[Image: 5920619c-mccarthy-280523-ap.jpg]](https://media.freemalaysiatoday.com/wp-content/uploads/2023/05/5920619c-mccarthy-280523-ap.jpg)
WASHINGTON: The top Republican leader said today, after marathon talks, that he and the White House had agreed to a draft deal on raising the US debt ceiling and said Congress will vote on Wednesday – just days before the country plunges into default.
“After weeks of negotiations we have come to an agreement in principle,” Speaker Kevin McCarthy said in a statement from the House of Representatives.
McCarthy, who spoke with Biden today to try to close the deal, said he would consult again with the president tomorrow and oversee final drafting of the bill.
The House will “then be voting on it on Wednesday”.
Raising the debt ceiling – a legal manoeuvre that takes place most years without drama – allows the government to keep borrowing money and remain solvent.
The treasury estimated that it would run out of money on June 5.
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