The American economy is at a tipping point. US debt has now reached a level equal to the annual output of it's economy. The government has till June fifth- a week, to reach a bipartisan deal that will ensure the nation does not default on it's debt payment. While the deal remains to be inked, leaders from either side of the aisle have now reassured the American people that an agreement has been reached 'in principle'.

US President Biden & House Speaker McCarthy agree to debt crisis deal 'in principle'

The White House said on Tuesday (May 23) that it is not considering any constitutional solution to the current debt impasse as currently, President Joe Biden is not planning to invoke the 14th Amendment to prevent a US debt default.

White House: Biden not planning to invoke 14th Amendment to prevent debt default

US President Joe Biden held talks with House Speaker McCarthy on Monday to talk about a looming debt in the country. The high-stakes White House meeting came after Biden returned from a trip to Asia.

US President Biden meets McCarthy for debt ceiling talks, say 'talks productive, no deal yet'

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US President Biden & House Speaker McCarthy agree to debt crisis deal 'in principle'

White House: Biden not planning to invoke 14th Amendment to prevent debt default

US President Biden meets McCarthy for debt ceiling talks, say 'talks productive, no deal yet'