Biden, McCarthy Come to Initial Debt Ceiling Agreement — Here’s What’s in the Deal

House Speaker Kevin McCarthy and President Joe Biden have reached a deal to raise America’s debt ceiling.
The agreement, announced late Saturday, raises the debt ceiling for two years. According to The Hill, the limit was not a set dollar figure but was essentially kicked down the road for two years until after the 2024 presidential election.
The current debt limit would have been reached on June 5, and failure to reach an agreement could have triggered dire fiscal consequences, the Biden administration predicted.

The deal must still pass through Congress.
“It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone,” Biden said after the deal was reached, according to The New York Times.

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