TechFlow news — According to Punchbowl, sources say U.S. White House officials and Republican negotiators have reached a preliminary agreement on raising the U.S. debt ceiling, aiming to avoid a default that could send shockwaves through the global economy.
President Joe Biden and House Speaker Kevin McCarthy now face the challenge of steering this framework, forged after lengthy talks, through final legislative approval, despite opposition from hardliners in both parties.
Earlier, Treasury Secretary Janet Yellen warned that the debt ceiling must be extended by June 5 to prevent a historic default, which would cause borrowing costs to soar, leaving little room for error.
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