US debt ceiling: Negotiators agree a deal in principle, reports say

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6 minutes ago

The White House and the Republican party have agreed in principle to raise America's debt ceiling and avert a default, US media outlets report.

No details of the deal - which is yet to be officially confirmed - have so far been released.

Negotiators are working through the night on fine-tuning a bill, a source told CBS News, BBC's partner in the US.

The US Treasury earlier warned the country would run out of money to pay its bills on 5 June without a deal.

Such a default would upend the US economy and disrupt global markets.