Biden and GOP strike 2-year debt ceiling deal with spending cuts.

House Speaker Kevin McCarthy faces opposition from hardline Republicans in pushing through a tentative deal with the White House on the U.S. borrowing limit, which would suspend the federal government's $31.4 trillion debt ceiling until January 2025 in exchange for caps on spending and cuts in government programs. Republicans and Democrats will need to battle over which programs to cap in the months to come, as the deal doesn't specify them. Failure to deal with the debt ceiling before June 5 could trigger a default that would shake financial markets and send the United States into a deep recession.