Biden and McCarthy reach debt limit deal to avert default.

President Biden and Speaker Kevin McCarthy have reached an agreement in principle to raise the debt limit for two years, but key steps remain before Biden can sign the agreement and avert a default ahead of next week’s deadline. The deal includes beefing up work requirements on federal public assistance programs and clawing back unused COVID spending, among other provisions. However, members of both parties are pushing back, and several steps remain before the debt ceiling is actually raised. The Senate may work through the weekend to pass the debt limit bill once it clears the House, but the process could be elongated if senators use procedural tools to protest the agreement.