US debt ceiling crisis: Biden, McCarthy reach 'in principle' deal to raise the limit for 2 years

US President Joe Biden and Republican leader Kevin McCarthy announced a deal Saturday to raise the debt ceiling, dragging the United States back from the precipice of default with only a few days to spare. Congress will vote on the deal to extend the government’s borrowing authority on Wednesday, just shy of the June 5 “X-date” when the Treasury estimates the government will no longer be able to pay its bills, plunging the world’s biggest economy into turmoil.