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US President Joe Biden talking to media on the South Lawn of the White House before boarding Marine One on 28 March, 2023 in Washington, DC. Photo: AFP/ Oliver Contreras
President Biden and the Republican House Speaker Kevin McCarthy have reached an agreement in principle on a new government debt limit, after weeks of bitter negotiations.
Joe Biden said the deal was a compromise but would stop a "catastrophic government default".
Democrats and Republicans have until June the fifth to reach agreement before the US government runs out of money.
Kevin McCarthy said there would be historic reductions in spending in the deal, and no new taxes or government programmes.
Our correspondent Caroline Malone spoke to Ingrid Hipkiss.