PRESIDENT Joe Biden and Republican leader McCarthy said yesterday a final bipartisan deal to raise the US debt ceiling – and avoid a cataclysmic default – now heads to Congress, which will need to pass the agreement before the government starts running out of money.
The compromise after weeks of intense talks offers a path back from the precipice, even as the clock is still ticking down to the June 5 “X-date” when the Treasury estimates there might not be enough cash to pay bills and debts.