U.S. approaches agreement on debt ceiling

Due to the market turmoil, there is movement in the talks about the debt ceiling. But a deal will have to go through Congress.

After a week of intense negotiations, the White House and the Republican opposition appeared to be close to an agreement on the so-called debt ceiling on Friday.

Without an increase in this limit, the United States risks no longer being able to meet all its debt obligations from June 1. Such a technical bankruptcy (default), in which the US government would temporarily default, could lead to economic damage worldwide.

Republicans, who have controlled the House of Representatives since January, are using the debt ceiling to force additional spending cuts from President Joe Biden and his Democrats. Until the beginning of this month, they refused to talk about such budgetary interventions.

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