Biden and GOP reach debt-ceiling deal. Now Congress must approve it to prevent calamitous default

By LISA MASCARO, MARY CLARE JALONICK, ZEKE MILLER and KEVIN FREKING
Associated Press

WASHINGTON (AP) — An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation’s legal debt ceiling, but now Congress has only days to approve a package that includes spending cuts and would avert a potentially disastrous U.S. default. The compromise announced late Saturday risks angering both Democratic and Republican lawmakers as they begin to unpack the concessions. Support from both parties will be needed to win congressional approval before a projected June 5 government default on U.S. debts. McCarthy told reporters Sunday that the agreement “doesn’t get everything everybody wanted,” but that’s to be expected in a divided government.