Washington | A former senior Republican who led negotiations on trillion-dollar spending cuts during a previous debt ceiling crisis says there may be much more political resistance to the latest agreement than markets are factoring in.
The ASX and other markets are expected to rally after President Joe Biden and Republican House Speaker Kevin McCarthy agreed to lift the debt ceiling just days before the United States is predicted to run out of cash to pay all of its bills.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
