The White House and Republicans have reached an agreement in principle to raise the debt ceiling and avert a default, according to multiple reports.
Several news outlets are reporting that President Joe Biden and House Speaker Kevin McCarthy have reached a tentative deal to raise the nation’s debt ceiling, narrowly avoiding the first default in United States history. Following a months-long standoff, the two sides reportedly struck a deal to raise the nation’s $31.4 trillion debt ceiling.
“But, I’m not sure it’s completely settled. Might be one or two small things they need to finish. But close enough to move forward,” a source familiar with the negotiations told Reuters.
CNN reported, “The text of the deal will be reviewed overnight by both sides to ensure it lines up with the tentative agreement.”
The agreement will “raise the debt limit for two years while cutting and capping some government spending over the same period,” the New York Times reported, citing three sources familiar with the deal.
The Times said of the compromise between the White House and Republicans, “It was structured with the aim of enticing votes from both parties, though it would most likely draw the ire not only of conservative Republicans but also Democrats furious at being asked to vote for cuts they oppose with the threat of default looming.”
Treasury Secretary Janet Yellen previously warned that a deal must be finalized by June 5 to avoid a default.
This story is breaking news and will be updated with any updated developments.
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