President Joe Biden and House Speaker Kevin McCarthy have reached a tentative agreement to avert a catastrophic and unprecedented default on America’s sovereign debt, ending a monthlong standoff that threatened the US and global economies. The White House said Mr Biden and Mr McCarthy spoke by phone for roughly 90 minutes late Saturday. The president also spoke with Democratic congressional leaders as the talks between the White House and the Republicans who control the House of Representatives entered final stages after days of back-and-forth over GOP demands to add work requirements for food assistance and other programs meant to help lower-income Americans. One source familiar with the matter described the president and the House Speaker as having come to an “agreement in principle” that would limit federal spending while raising the nation’s statutory debt limit by an amount large enough to keep the issue off the table through the November 2024 general election. More follows...

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