US debt ceiling deal sets stage for modest relief rally
President Joe Biden and Republican House Speaker Kevin McCarthy have reached an agreement in principle to avert a US debt default that could have devastated the global economy and financial system. Several major media organizations have reported the tentative deal will suspend the debt ceiling for two years, with domestic spending frozen near current levels even as outlays on defence and veteran affairs are increased. Firm details are not yet available, but informed opinions suggest work requirements under family assistance and food stamp programmes will be tightened, energy sector approval processes will be streamlined, and some newly-approved Internal Revenue Service...