US President Joe Biden close to an agreement for raising the country's debt ceiling: Report

US President Joe Biden close to an agreement for raising the country's debt ceiling: Report

This agreement won't have a hundred pages, but will be cut down to pointers about key numbers, to speed up the process.

FPJ Web DeskUpdated: Thursday, May 25, 2023, 10:32 PM IST
article-image
US President Joe Biden | File Photo

The US had hit its debt ceiling, which limits the total dues of the federal government that can be kept outstanding, back in January. But the treasury department has been using extraordinary measures to pay US government bills on time, as the nation's two parties couldn't come to an agreement on raising the debt ceiling.

But a Reuters report has suggested that US President Joe Biden and Republican lawmaker Kevin McCarthy are close to working out a debt ceiling deal.

This agreement won't have a hundred pages, but will be cut down to pointers about key numbers, to speed up the process.

A timely end to the deadlock between congressional leaders will save the US government from a situation where it may run out of money to pay bills.

RECENT STORIES

Indian Traders Hopeful For Good Business On Akshaya Tritiya: CAIT

Indian Traders Hopeful For Good Business On Akshaya Tritiya: CAIT

International Monetary Fund To Review Pakistan's USD 1.3 Billion Package On May 9

International Monetary Fund To Review Pakistan's USD 1.3 Billion Package On May 9

Gold Climbs ₹1,050 To ₹99,450/10 Gm, Silver Bounces ₹3,500 Ahead Of Akshaya Tritiya

Gold Climbs ₹1,050 To ₹99,450/10 Gm, Silver Bounces ₹3,500 Ahead Of Akshaya Tritiya

India-US Meeting In Washington Makes Headway On Bilateral Trade Agreement

India-US Meeting In Washington Makes Headway On Bilateral Trade Agreement

BPCL Q4 Profit Surpasses Estimates, Margin Grows, Robust Performance; ₹5 Dividend Announced

BPCL Q4 Profit Surpasses Estimates, Margin Grows, Robust Performance; ₹5 Dividend Announced