Biden, GOP Reach Debt-Ceiling Deal

May 28, 2023 8:09 am

WASHINGTON (AP) — An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation’s legal debt ceiling, but now Congress has only days to approve a package that includes spending cuts and would avert a potentially disastrous U.S. default. The compromise announced late Saturday risks angering both Democratic and Republican lawmakers as they begin to unpack the concessions. Support from both parties will be needed to win congressional approval before a projected June 5 government default on U.S. debts. Lawmakers aren’t expected to return to work from the Memorial Day weekend before Tuesday, at the earliest. White House officials plan to brief House Democrats Sunday.