Lawmaker, Debt Ceiling | featured news

President Barack Obama has agreed to delay submitting a debt ceiling increase request to allow lawmakers time to consider it while they are in session, White House spokesman Josh Earnest said on Friday.

Senate Majority Harry Reid and Senate Minority Leader Mitch McConnell announced Sunday night that they had come to an agreement on a deal that would raise the debt limit and reduce the deficit.

British and Japanese officials warned Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the U.S. borrowing limit and averting a debt default.

Top Republican lawmakers and the Obama administration’s budget director both predicted Sunday that an agreement would be reached before the federal government defaults on its debt in early August, but both sides continued to squabble over the details of competing proposals, offering little evidence that a deal was at hand.