White House and Republican negotiators reached a tentative deal late Saturday to raise the US debt ceiling and avert a default that threatened to send tremors through the global economy.

President Joe Biden and House Speaker Kevin McCarthy, who sealed the deal during a 90-minute phone call, must now shepherd the framework deal — reached after weeks of bitter discussions — to final legislative passage over the objections of hardliners in both parties.

McCarthy said he will talk with Biden again on Sunday and line the bill up for a vote on Wednesday.

“We still have a lot of work to do, but I believe this is an agreement in principle that is worthy of the American people,” McCarthy told reporters at the Capitol.

——–
Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm
Subscribe to Bloomberg Originals: https://www.youtube.com/BloombergTV

Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.

Connect with us on…
YouTube: https://www.youtube.com/user/Bloomberg
Breaking News on YouTube: https://www.youtube.com/@BloombergQuicktakeNow
Twitter: https://twitter.com/quicktake
Facebook: https://www.facebook.com/quicktake
Instagram: https://www.instagram.com/quicktake

Fuente: Bloomberg Quicktake