"Debt ceiling bill sparks political turmoil for McCarthy and Republicans"

The House of Representatives is debating a compromise bill brokered between President Biden and House Speaker Kevin McCarthy to avoid a debt default with just days to spare. The bill would suspend the debt limit for nearly two years and establish spending caps for the federal budget while also making policy changes, including spending cuts and an overhaul of permitting reviews for energy projects. The Congressional Budget Office estimates the changes could cut federal deficits by about $1.5 trillion over the next decade. The vote comes just days before the U.S. could run out of money to pay its bills, according to Treasury Secretary Janet Yellen.