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U.S. House Speaker McCarthy talks to reporters at the U.S. Capitol in Washington.


Debt ceiling deal comes down to the wire

There was much relief after President Joe Biden and House Speaker Kevin McCarthy announced on Saturday night that they’d agreed to raise the debt ceiling and avoid a default in the world’s largest economy by June 5, the date Treasury Secretary Janet Yellen says the US will run out of money to pay back its debts. But it’s clear that the ongoing crisis will come down to the wire. (For more on what’s in the proposed bill, see here.)

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Biden returns to join US debt ceiling talks

US President Joe Biden is on his way back from the G-7 summit in Japan to Washington, DC, where on Monday he plans to meet with House Speaker Kevin McCarthy to iron out a compromise over the debt ceiling. Biden nixed the last two legs of his trip — to Papua New Guinea and Australia — to join the talks in the hope of avoiding a catastrophic default as early as June 1.

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General view of the US Department of the Treasury in Washington, DC.

Graeme Sloan/Sipa USA via Reuters Connect

US debt ceiling looms over a House divided

The US government surpassed its debt ceiling early Thursday, prompting the US Treasury Department to implement a series of temporary emergency measures to avoid a US government default. What does this mean and why does it matter?

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