The debt limit is lifted for two years under the deal, until after the election.
The deal caps government spending, and claws back money from a pandemic bill.
The deal still needs to pass both houses of Congress in the coming week.
Washington | President Joe Biden struck a tentative deal with Republican negotiators on Saturday (Sunday AEST) to raise the US debt ceiling and avert a looming default that will bring relief to the global economy and financial markets.
Mr Biden and Republican Speaker of the House Kevin McCarthy reached an in-principle agreement following days of tense and bitter negotiations between the White House and Capitol Hill to break an impasse that threatened to send tremors through markets and upend the economy.
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Bloomberg and Reuters
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