Eight days before the June 6 deadline for the U.S. sovereign debt default, President Joe Biden and House Speaker Kevin McCarthy reached a final agreement on a deal to raise the debt ceiling on June 5 local time, The Associated Press reported.

The Associated Press, citing an unnamed source familiar with the details of the negotiations, said that a final agreement between the two men had been confirmed.

According to reports, President Biden and House Speaker McCarthy spoke this evening while working negotiators were coordinating a draft bill.

As Congress rushes to vote to avert a June 8 default, President Biden and House Speaker McCarthy are trying to win the support of the political middle ground, according to The Associated Press.

The deal has not been supported by hard-line conservatives in the Republican Party as well as hard-line progressives in the Democratic Party, making the backlash from hard-liners on both sides the biggest variable.

Earlier, President Biden and Speaker McCarthy agreed in principle to negotiate a debt ceiling increase after a marathon call that lasted about an hour and a half the day before.

Instead of raising the debt ceiling for two years until 28, which includes the next presidential election, the two sides agreed to freeze spending for fiscal year 6 and cap it for 5 to increase the budget by only a maximum of 2024%.

The U.S. Congress will adjourn until Memorial Day on the 2th, so it plans to begin the process on the 2024st.

The Treasury Department has revised the deadline for federal default, which was originally warned of the first day of next month, to five days.

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