As the deadline for the nation’s first-ever default looms, key White House and GOP negotiators finally struck a deal in principle to raise the debt ceiling and cap federal spending Saturday, anonymous sources told The New York Times.
The past few weeks have brought chaos between the White House and Republican lawmakers as fears of an economic crisis have spiraled across the political arenas. Treasury Secretary Janet Yellen warned Friday that the department will run out of cash to pay U.S obligations by June 5, raising the alarm on the quickly-ticking clock both parties have to iron out a deal and move it through Congress.
House Speaker Kevin McCarthy and President Joe Biden, who have continued to butt heads on the issue, talked through their remaining points of tension Saturday evening and gave their thumbs up on the new agreement. In a tweet, McCarthy said it was “worthy of the American people.”
Source: Biden and House GOPers Strike Tentative Deal to Stave Off Default
