White House and Congressional Republicans reach agreement to avert economic recession in the U.S.


28th May 2023 – (Washington) President Joe Biden announced on Saturday that an agreement in principle had been reached between the White House and US Congressional Republicans, effectively averting a disastrous default and economic recession in the country. Biden emphasised that the compromise reached was good news for the American people, preventing catastrophic damage to retirement accounts and millions of job losses.

The agreement was reached after discussions between Biden and House Minority Leader Kevin McCarthy. Although the details of the agreement have not yet been made public, it is a positive development for the US economy, which has been reeling from the COVID-19 pandemic and its associated economic fallout.

The risk of a default on the U.S. debt had been looming, with the debt limit set to expire in July. Failure to raise the debt limit would have led to a catastrophic default on US sovereign debt, with far-reaching consequences for the global economy.