The White House and the Republicans are now said to be ironing out details of a bill to avert a default.
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.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.
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