Republicans and White House agree on measures to prevent default

The Republican Party, which controls the US House of Representatives, and the White House have agreed on measures to prevent a default, House Speaker Kevin McCarthy said.

According to him, an “agreement in principle” has been reached on raising the ceiling of the state debt, which will prevent a sovereign default.

Now the Republican congressmen will hold a meeting on the results of negotiations with the White House.

Without congressional approval to increase the level of public debt, the United States may lose the ability to service its financial obligations. The Republicans, who control the House of Representatives, link their agreement to raise the debt ceiling with the White House’s agreement to limit budget spending.