Just days before the United States was set to default on its debt for the first time, the US Congress approved a deal to lift the nation's borrowing limit. The bill, which is well on its way to becoming law, will spare the US from a catastrophic default on its $31.

US narrowly avoids its first-ever default as Congress approves debt-ceiling suspension

US Treasury Secretary Janet Yellen on Friday (May 26) updated the debt default deadline to June 5 from June 1, as she feared that the treasury may run out of cash.

US Treasury fears it will run out of cash by June 5, extends debt default deadline

With the US debt default deadline precariously close, President Joe Biden said his administration was close to achieving a breakthrough. For the first time in many weeks, Biden seemed upbeat about the prospect of getting the deal done and raising the debt ceiling.

'It's very close...': Biden sounds optimistic on breakthrough in debt ceiling talks

The USA is edging closer to defaulting on its debt. Unless the debt ceiling is raised by June 5, the country will fall into an economic crisis that may have a far-reaching impact with global spillovers expected, affecting the likes of India, an emerging economy.

US is nearing its debt default deadline. What is its impact on Indian economy?

United States President Joe Biden struck a deal ‘in principle’ with Republican lawmakers to increase the debt ceiling of the country on Saturday, in a first crucial step towards averting the disastrous default with a few days to spare.

US: Biden, Republicans reach ‘in principle’ deal to avert catastrophic debt default

The United States is facing an unprecedented crisis of debt default, but President Joe Biden believes that debt default will be avoided as crucial time passes on a race to find agreement between the White House and Republican negotiators on raising the debt ceiling.

US default would harm US military 'readiness and morale', but Biden vows respite