PRESIDENT Joe Biden and Republican leader Kevin McCarthy announced a deal Saturday to raise the debt ceiling, dragging the United States back from the precipice of default with only a few days to spare.

Congress will vote on the deal to extend the government's borrowing authority on Wednesday, just shy of the June 5 "X-date" when the Treasury estimates the government will no longer be able to pay its bills, plunging the world's biggest economy into turmoil.

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