The White House and House Republicans reached an agreement in principle on Saturday to raise the debt ceiling and avert a default.
House Speaker Kevin McCarthy said that after speaking with President Joe Biden, they had “come to an agreement in principle that is worthy of the American people.” He told reporters that he planned to brief members and post the text of the bill on Sunday.
McCarthy did not go into details, but said that the deal was for “historic reductions in spending.” The agreement was reached with little time to spare, given a deadline of June 5.
That is the date that Treasury Secretary Janet Yellen said that the U.S. government will default on its debt if the $31.4 trillion debt ceiling is not raised.
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