US debt ceiling deal reached with bipartisan agreement.

Details of the tentative deal to raise the US debt ceiling struck between Joe Biden and House speaker Kevin McCarthy are being worked out urgently in Washington to avoid a catastrophic and unprecedented default in early June. The package includes a two-year budget deal that would hold spending flat for 2024 and impose limits for 2025, in exchange for raising the debt limit for two years. The deal also expands some work requirements for food-stamp recipients and tweaks an environmental law to try to streamline reviews to build new energy projects. McCarthy faces hostility from his far-right wing members who are expected to balk at spending cuts that they deem not deep enough, while progressives may be more likely to choke down cuts that they loathe in order to pass the deal.