US President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government’s $31.4 trillion debt ceiling for two years while capping spending on most programmes, news reports say.A default could upend global financial markets and push the United States into a major recession. Credit rating agency DBRS Morningstar put the US on review for a possible downgrade on Thursday, echoing similar warnings by Fitch, Moody’s and Scope Ratings.Fitch warned it could downgrade the US’s triple A rating because of the “brinkmanship” over the debt limit. Another agency, S&P Global, downgraded US debt following a similar debt-ceiling standoff in 2011.
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