Biden strikes deal "in principle" with Republicans to avert default

U.S. President Joe Biden on Saturday struck a deal "in principle" with House of Representatives Speaker Kevin McCarthy to avert an unprecedented government debt default, bringing some comfort to financial markets around the world.The federal government's debt ceiling will be raised for two years, while some of its spending will be slashed or capped over the same period, according to U.S. media reports.The agreement was reached a day after Treasury Secretary Janet Yellen warned that the U.S. government will not be able to pay all of its bills on time if Congress does not raise the debt ceili…READ FULL ARTICLE