Biden and McCarthy reach last-minute deal to raise U.S. debt limit

President Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the federal government’s borrowing limit and cut some spending, McCarthy said Saturday — ending a months-long stalemate that brought the government to the brink of defaulting on its credit for the first time. The deal must still pass Congress. Its failure could upend the global financial system, jarring markets from Tokyo to London, jeopardizing Medicare and Social Security payments and calling into question the United States’ role as the world’s most reliable economy. McCarthy (R-Bakersfield) said...