House Speaker Kevin McCarthy and President Biden on Saturday reached a tentative deal to raise the debt ceiling in exchange for spending cuts.
After weeks of negotiations, the two agreed to terms over the phone. McCarthy plans to brief House Republicans on a package to extend the federal debt ceiling beyond its June 5 deadline and curb spending growth.
A breakthrough came after weeks of negotiations. Negotiators from both sides stressed that the agreement was “in principle” and that hurdles could still arise when translating it into law.
For the deal to pass the narrow House of Representatives, it will need the support of a large number of Republicans and potentially Democrats.
https://www.washingtontimes.com/news/2023/may/27/biden-kevin-mccarthy-strike-tentative-deal-raise-d/?utm_source=RSS_Feed&utm_medium=RSS Biden, Kevin McCarthy reach tentative agreement to lift debt-saving deal