Global EditionASIA 中文双语Français
World
Home / World / Americas

White House, House Republicans reach debt ceiling deal in principle

Xinhua | Updated: 2023-05-28 09:53
Share
Share - WeChat
US President Joe Biden speaks to the media before departing the White House for Camp David, in Washington, US, May 26, 2023. [Photo/Agencies]

NEW YORK - US White House and Republicans on Saturday reached an "agreement in principle" to raise the debt ceiling to avert a possible default amid deep partisan divide and global concerns.

The agreement is an important step forward and represents a compromise, said US President Joe Biden in a statement.

"Over the next day, our negotiating teams will finalize the legislative text and the agreement will go to the United States House and Senate," said Biden.

US House Speaker Kevin McCarthy also announced the news on his social media account.

The text of the debt ceiling agreement will be available to lawmakers on Sunday and the House of Representatives will vote on it on Wednesday, said McCarthy.

The Department of Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5, said US Treasury Secretary Janet Yellen on Friday.

The debt ceiling has been modified 102 times since World War II, according to the US Congressional Research Service.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US