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House Speaker Kevin McCarthy announced Saturday that he and President Joe Biden had reached a deal in principle to raise the debt limit days ahead of a possible default, marking a major breakthrough in a monthslong impasse over the issue. “After weeks of negotiations, we have come to an agreement in principle.” McCarthy told reporters late Saturday. “We still have a lot of work to do, but I

A version of this story appears in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here. The debt ceiling snafu, which has the potential to wreck the US economy, is a civics lesson in the bizarrely inefficient way the American government spends your money. Here’s the broadest outline of how members of Congress oversee trillions in tax dollars each year and the

0047 GMT — Gold prices are steady in the morning Asian session amid the market’s focus on the U.S. debt-ceiling talks. The precious metal is likely to trade in a choppy manner as the so-called X-date approaches, says Edward Moya, senior market analyst at Oanda, in an email. If President Biden and House Speaker McCarthy can get a deal done early this week, this could lead to a decent selloff

Seen from outside Washington, the debt ceiling battle might seem like an abstract argument between the political parties over federal spending and deficits. But for millions of low-income Americans who depend on the federal government for health care and basic nutrition, the debate is about their very lives. That’s because Republicans have singled them out, yet again, as a prime target in this