White House, Republicans reach debt ceiling deal in principle

Washington, May 28 US White House and House Republicans have reached an "agreement in principle" to raise the debt ceiling to avert a possible default amid deep partisan divide and global concerns.

Key negotiators struck an agreement in principle Saturday night to extend the debt ceiling and avert a catastrophic default, just days before the Treasury Department says the US could run out of money, Speaker Kevin McCarthy was quoted as saying by NBC News.

"We've come to an agreement in principle that is worthy of the American people," McCarthy said in tweet.

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