President Joe Biden and House Speaker Kevin McCarthy (R-CA) have agreed to raise the debt ceiling.
After difficult discussions, a "tentative" compromise has been reached that raises the debt ceiling for roughly the next two years in exchange for specific Republican-requested spending cuts and other concessions.
Although they still need to spend the evening working out the specifics, McCarthy stated at a brief press conference that he feels the agreement is "worthy of the American people." The text of the measure was released over the weekend.
"It includes historically low budget cuts, significant reforms that will help people into the labor and escape poverty, and restrains government overreach. No additional levies or government initiatives have been introduced," according to McCarthy.
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