US closes in on €3tn debt deal

US LAWMAKERS were close to a last-minute $3 trillion deal yesterday to raise the country’s borrowing limit and assure financial markets that the US will avoid a potentially catastrophic default.

“We’re very close,” said Senate minority leader Mitch McConnell, the top Senate Republican who is playing a key role in the debt-ceiling negotiations.

Prospects improved for a significant package to cut the deficit after Republican and Democratic leaders re-opened stalled talks with the White House.