Biden reaches tentative US debt ceiling deal

Amid concerns of a potential default by the United States government, President Joe Biden and House majority leader Representative Kevin McCarthy have reached a tentative agreement to raise the federal government’s debt ceiling, which currently stands at $31.4 trillion. This agreement will prevent the US from facing a catastrophic default. The details of the deal have not yet been released, but there is an agreement to limit the government’s spending for the next two years, excluding expenses related to national security. The deal will cap non-defense discretionary spending at 2023 levels for one year and increase it by 1% in 2025. This comes after U.S. Treasury Secretary Janet Yellen warned of a default risk as soon as June 1 if the debt limit isn’t suspended or raised. Several analysts have suggested that raising the debt ceiling could prompt more capital inflow into Bitcoin.

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