By Richard Cowan WASHINGTON (Reuters) – Democratic President Joe Biden and top congressional Republican Kevin McCarthy struck a deal on Saturday to suspend the federal government’s $31.4 trillion limit on U.S. government borrowing, in order to avert a catastrophic default as soon as June 5. Their challenge isn’t over. They now have to shepherd it through the deep partisan fractures of the narrowly Republican-controlled House of Representatives and Democratic-controlled Senate: LEGISLATIVE SAUSAGE-MAKING Biden and House … Read more…

By Shankar Ramakrishnan, Davide Barbuscia, Saeed Azhar and Laura Matthews (Reuters) – Good news of a tentative deal for the U.S. debt ceiling impasse may quickly turn out to be bad news for financial markets. U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Saturday reached a tentative deal to raise the federal government’s $31.4 trillion debt ceiling, two sources familiar with the negotiations said, potentially averting an economically destabilizing default. But the … Read more…

NEW YORK (Reuters) – U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government’s $31.4 trillion debt ceiling, ending a months-long stalemate, two sources familiar with the negotiations said on Saturday. But the deal still faces a difficult path to pass through Congress before the United States runs out of money to pay its debts in early June. COMMENTS: THIERRY WIZMAN, GLOBAL FX AND INTEREST … Read more…

By Steve Holland and Jarrett Renshaw WASHINGTON (Reuters) – U.S. President Joe Biden and House Republican Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt ceiling that would trim some U.S. federal spending. While the bill is still being written, the general contours of the deal have been described by Democrat and Republican sources. Here’s what we know so far: A CAP ON DISCRETIONARY SPENDING The deal would suspend the … Read more…

By Steve Holland and Jarrett Renshaw WASHINGTON (Reuters) – U.S. President Joe Biden and House Republican Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt ceiling that would trim some U.S. federal spending. While the bill is still being written, the general contours of the deal have been described by Democrat and Republican sources. Here’s what we know so far: A CAP ON DISCRETIONARY SPENDING The deal would suspend the … Read more…

By Steve Holland, Gram Slattery and Katharine Jackson WASHINGTON (Reuters) -U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to raise the federal government’s $31.4 trillion debt ceiling on Saturday evening, ending a months-long stalemate. However, the deal was announced without any celebration, in terms that reflected the bitter tenor of the negotiations and the difficult path it has to pass through Congress before the United States runs out of … Read more…

WASHINGTON (Reuters) – U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government’s $31.4 trillion debt ceiling, ending a months-long stalemate. Here are some quotes from the announcement and reactions to the news: DEMOCRATIC PRESIDENT JOE BIDEN “Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle. “It is an important step forward that reduces spending while protecting critical programs for working … Read more…

By David Lawder DETROIT (Reuters) – The United States “won’t tolerate” China’s effective ban on purchases of Micron Technology memory chips and is working closely with allies to address such “economic coercion,” U.S. Commerce Secretary Gina Raimondo said on Saturday. Raimondo told a news conference after a meeting of trade ministers in the U.S.-led Indo-Pacific Economic Framework talks that the U.S. “firmly opposes” China’s actions against Micron. These “target a single U.S. company without any … Read more…

By Steve Holland, Gram Slattery and Katharine Jackson WASHINGTON (Reuters) -U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government’s $31.4 trillion debt ceiling, ending a months-long stalemate. However, the deal was described in terms that indicated it may not be absolute, and without any celebration — an indication of the bitter tenor of the negotiations, and the difficult path it has to pass through … Read more…

By David Lawder DETROIT (Reuters) – Trade ministers of 14 countries in the U.S.-led Indo-Pacific Economic Framework (IPEF) talks “substantially completed” negotiations on an agreement to make supply chains more resilient and secure, U.S. Commerce Secretary Gina Raimondo said on Saturday. The “first of its kind” agreement calls for countries to form a council to coordinate supply chain activities and a “Crisis Response Network” to give early warnings to IPEF countries of potential supply disruptions, … Read more…