US debt ceiling deal reached through bipartisan agreement.
US President Joe Biden and House Speaker Kevin McCarthy have reached a compromise deal to raise the debt ceiling over two years until January 1, 2025, and prevent a first-ever default by the federal government. The deal includes spending cuts, clawing back unused COVID-19 funds, and extra work requirements for food aid programs for poor Americans. The compromise is unlikely to be popular with progressive Democrats or hard-right Republicans, but Biden and McCarthy hope to secure sufficient votes before the June 5 deadline. A vote in the House is expected on Wednesday.