Washington | Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming US debt default on Tuesday (Wednesday AEST), as the threat of an economic nightmare prompted Biden to cut short his Asia trip this week.

After an hour of talks Mr McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement to lift the debt ceiling. But he added: “It is possible to get a deal by the end of the week. It’s not that difficult to get to an agreement.”

Reuters