President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation's legal debt ceiling, but now Congress must rush to approve the spending cuts package in a matter of days to avert a potentially disastrous U.S. default.
The agreement risks angering both Democratic and Republican sides as lawmakers Sunday begin to unpack the the concessions made to compromise. Negotiators agreed to some Republican demands for increased work requirements for recipients of food stamps that had sparked an uproar from House Democrats as a nonstarter. But they stopped short of greater spending cuts overall that Republicans wanted.
