WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and resolve a looming crisis ahead of a June 5 deadline, the House speaker said.
The deal would avert a catastrophic U.S. default, but it also risks angering both Democratic and Republican sides with the concessions made to reach it. Negotiators agreed to some Republican demands for enhanced work requirements on recipients of food stamps that had sparked an uproar from House Democrats as a nonstarter.
