US President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to suspend the federal government's $31.4 trillion debt ceiling on Saturday, ending a months-long stalemate.

Axar.az reports the deal was announced without celebration, reflecting the bitter tenor of the negotiations and the difficult path it has to pass through Congress before the US runs out of money to pay its debts in early June.

“I just got off the phone with the President a bit ago,” Mr McCarthy tweeted. “After he wasted time and refused to negotiate for months, we've come to an agreement in principle that is worthy of the American people.”

Mr Biden called the deal “an important step forward”.