US President Joe Biden and Speaker Kevin McCarthy have agreed on a debt-limit deal to suspend the ceiling and avert a catastrophic default.&nbsp;

Legislation to temporarily suspend the US borrowing ceiling and cap federal spending was advanced by the House Rules committee, and it will be presented to the House of Representatives for vote today.

Congress is racing to pass the measure before June 5, the date when Treasury Secretary Janet Yellen has warned the US risks default, which could <a href="https://www.telegraph.co.uk/business/2023/05/21/us-debt-default-is-the-wake-up-call-the-world-needs/">trigger a global economic downturn</a>.

US lawmakers have argued for weeks over <a href="https://www.telegraph.co.uk/business/2023/05/01/us-risks-running-out-of-cash-by-june-without-higher-debt/">whether to raise or suspend the so-called “debt ceiling</a>”, which determines how much money the US government can borrow.

Despite ending the impasse between Republicans and Democrats, the White House and Mr McCarthy must now overcome opposition from members of both parties threatening to block the legislation.

What has gone wrong and what is included in the debt ceiling deal?

A deal has been struck to suspend the ceiling but Congress must overcome opposition before the measure is passed{ai:summary}<p>Biden and McCarthy strike debt-limit deal, avoiding default that could trigger global economic downturn. House to vote on temporary suspension of borrowing ceiling and cap on federal spending before June 5 deadline. Opposition from both parties still a hurdle to overcome. #economy</p>

What is the US debt ceiling and what is in the Biden-McCarthy deal?

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