Biden and McCarthy Agree on Debt Ceiling Deal to Prevent Default.

President Biden and House Speaker Kevin McCarthy have reached a budget deal that would avert a potential U.S. default just days ahead of a June 5 deadline. The agreement would keep nondefense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as provide for a 2-year debt-limit increase. The deal would also expand some work requirements for the Supplemental Nutrition Assistance Program (SNAP), rescind about $30 billion in unspent coronavirus relief money, and put an end to the pause on student loan repayment. The House is set to vote on the legislation Wednesday.