Biden, McCarthy have tentative U.S. debt ceiling deal

U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government's 31.4 trillion USD debt ceiling.

The agreement follows a month-long stalemate between lawmakers to strike a deal amid a looming deadline which would effectively render the US unable to pay its debts.

The deal would raise the debt limit for two years while capping spending over that time, and includes some extra work requirements for programs for the poor.