US: McCarthy expects Congress to vote on debt ceiling bill Wednesday

Republican House Speaker Kevin McCarthy says a deal in principle has been struck with the White House on raising the US debt ceiling and he expects Congress to vote Wednesday.

The government is expecting to hit its borrowing limit on June 5, raising the possibility of the world's largest economy failing to honor its repayment obligations for the first time and igniting a firestorm in global markets. McCarthy says he will talk again with President Joe Biden on Sunday and oversee final wording of the bill, adding that the House of Representatives will be "voting on it on Wednesday."