"agreement in principle" to raise the $31.4trillion debt ceiling

Bitcoin (BTC) price is up 2%, with the rest of the crypto market flashing green in what can easily be assumed to be a weekend rally. However, the capital inflow comes after US President Joe Biden and Republican Kevin McCarthy reached the "agreement in principle" to raise the federal government's multi-trillion dollar debt ceiling.


Bitcoin capital inflow as US President urges House, Senate to pass debt ceiling deal right away
Bitcoin (BTC) has recorded a capital inflow after United States President Joe Biden and Republican Kevin McCarthy reportedly reached an "agreement in principle" to raise the $31.4 trillion debt ceiling.


The development comes amid burgeoning concerns of a potential default by early June. However, the two leaders had a 90-minute phone call four days before the new month (May 27), reaching a tentative agreement to raise the federal government's multi-trillion dollar debt ceiling, Reuters reports, citing two sources close to the matter.

According to Biden, the agreement will prevent the US from facing a "catastrophic default," adding that the deal would go to the US House and Senate "over the next day." Nevertheless, the head of state has urged both chambers to "pass the agreement right away."

House Speaker and Republican Kevin McCarthy has confirmed the agreement in a Twitter post, blaming Biden for "wasted time and refused to negotiate for months."