WASHINGTON – US President Joe Biden and Republican lawmakers struck a deal in principle to raise the country’s debt ceiling Saturday, in a crucial first step towards eliminating the threat of a disastrous default with just days to spare.
The government is expecting to hit its borrowing limit on June 5, raising the possibility of the world’s largest economy failing to honour its repayment obligations for the first time and igniting a firestorm in global markets.
Party leaders now face a race against time to muscle the agreement through Congress, with hard-right Republicans and Democratic…
