White House, Republicans Reach Tentative Debt Limit Deal to Avoid Default

Democratic President Joe Biden and Republican House Speaker Kevin McCarthy have reached a tentative deal to raise the United States debt ceiling for two years while also cutting federal spending.

Top negotiators for the White House and Republicans reached the agreement on Saturday to raise the debt limit, a breakthrough after weeks of tense talks that came just days ahead of the deadline, Biden and McCarthy confirmed on Saturday night.

Following a phone call between the two leaders, the speaker said they came to an agreement but did not share exact provisions.

"After weeks of negotiations we have come to an agreement in principle," McCarthy told reporters Saturday night. "We still have a lot of work to do but I believe this is an agreement in principle that is worthy of the American people."