Biden and Congress agree on debt ceiling deal.

President Joe Biden urged Congress to pass the debt limit deal, which would raise the nation's debt ceiling and enforce some limits on government spending. House Speaker Kevin McCarthy predicted that a bipartisan majority of Congress would approve the compromise in the coming days. The agreement is a two-year budget deal that would also separately raise the debt limit for two years while keeping non-defense spending roughly flat with current levels in fiscal year 2024 and increasing by 1% in 2025. The bill would phase in new work requirements for recipients of Supplemental Nutrition Assistance Program (SNAP) benefits and fully fund medical care for veterans.