Debt limit deal reached between White House and G.O.P.

President Biden and House Speaker Kevin McCarthy have reached a bipartisan agreement to raise the debt limit for two years while cutting and capping certain federal programs. The deal would suspend the borrowing limit for two years and impose new work requirements for some recipients of government aid, including food stamps and the Temporary Assistance for Needy Families program. The plan was structured to entice votes from both parties, but it has drawn the ire of both conservative Republicans and Democrats. Congressional passage of the plan before June 5, when the Treasury is projected to exhaust its ability to pay its obligations, is not assured.