US House Speaker suggests vote to raise debt ceiling possible next week

US media outlets say House Speaker Kevin McCarthy has suggested the House of Representatives could hold a vote on raising the government's debt limit next week.

President Joe Biden has asked Congress to raise the debt ceiling. McCarthy and other Republicans say they will only do so if Biden accepts massive government spending cuts.

McCarthy spoke to reporters on Thursday. He said, "It would be important to try to have an agreement especially in principle by sometime this weekend." He also said, "We haven't agreed to anything yet, but I see the path that we could come to an agreement."

If talks between the two sides fail, the US government could default on its debt in June for the first time ever.

Biden, who is currently visiting Japan for the G7 summit, plans to return to the US on Sunday to continue negotiating.