Biden and McCarthy strike debt ceiling deal to avoid default.

President Biden and House Speaker Kevin McCarthy have announced a deal to raise the federal debt ceiling and fund the government for the next two years. The deal raises the debt ceiling until 2025, holds funding flat for domestic programs, claws back some money for the IRS, slightly boosts funding for the military and veterans affairs, and increases work requirements on federal food stamps and on family welfare benefits. The deal does not include closing tax loopholes or cutting student debt relief. The specifics of the bill remain unclear, and the deal faces an uncertain path to passage through the House and Senate.