Biden and House Speaker McCarthy Agreed On the Debt Ceiling Issue

U.S. President Biden said in a speech on May 28 local time that he had reached a final agreement with House Speaker McCarthy on raising the debt ceiling and urged Congress to pass the agreement as soon as possible. Biden said that the debt ceiling agreement is a very important step forward. "This agreement has prevented the worst crisis" and "it has eliminated the threat of a catastrophic default.” 

According to CNN citing sources, members of the House of Representatives will return to Washington on the evening of May 30 and are expected to vote on May 31.

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