Biden and McCarthy aim to reach debt ceiling deal by Sunday

President Joe Biden and Republican Kevin McCarthy are aiming to reach a deal by Sunday to raise the federal government's $31.4 trillion debt ceiling and avoid a default. The negotiations are about the outlines of the budget, not about whether or not the US will pay its debts. Republicans have been insisting that Democrats agree to spending cuts in exchange for a deal to raise Congress's self-imposed debt limit. Negotiators are aiming to hammer out an agreement before Biden's scheduled return to Washington on Sunday.

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