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Two year budget deal to avoid US debt default set for Congress vote US President Joe Biden has announced that an agreement has been brokered with Republican House Speaker Kevin McCarthy to raise the government's debt ceiling This pivotal piece of legislation, now poised for a vote in Congress, requires a simple majority for its enactment. If passed, it would circumvent an unprecedented debt default potentially looming as early as June 5. President Biden characterises the proposed legislation as a "compromise", outlining a two-year budget plan which, in essence, holds non-defence spending steady for 2024.