Biden and McCarthy reach ‘in principle’ deal to raise debt ceiling days before US default

Treasury secretary Janet Yellen had warned that the US may be unable to pay its bills by 5 June

Joe Biden and the House Republican speaker, Kevin McCarthy, have reportedly reached a deal in principle to raise the debt ceiling, with just days left before America was expected to default.

Negotiators reached the deal on Saturday, a source familiar with the negotiations told the Reuters news agency.