White House and GOP Strike Debt Limit Deal to Avert Default
WASHINGTON — President Joe Biden and House Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt limit for two years while cutting and capping some government spending over the same period, a breakthrough after a marathon set of crisis talks that has brought the nation within days of its first default in history.
Jim Tankersley, Catie Edmondson and Luke Broadwater, New York Times