U.S. President and top congressional Republican have reached a deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate, Punchbowl News reported on Saturday.'House Republicans have an agreement in principle with the White House on a debt-limit deal. Member call at 9:30 p.m.,' a Punchbowl reporter wrote on Twitter.The deal would avert an economically destabilizing default, so long as they succeed in passing it through the narrowly divided before the Treasury Department runs short of money to cover all its obligations, which it warned Friday will occur if the debt ceiling is not raised by June 5.
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