The Democratic president and Republican speaker reached the agreement after the two spoke earlier Saturday evening by phone, said McCarthy. “The agreement represents a compromise, which means not everyone gets what they want,” Biden said in a statement late Saturday night. General view of the U.S. Capitol after U.S. House Speaker Kevin McCarthy (R-CA) reached a tentative deal with President Joe Biden to raise the United States' debt ceiling and avoid a catastrophic default, in Washington, U.S. May 27, 2023. AdvertisementThe Democratic-held Senate has largely stayed out of the negotiations, leaving the talks to Biden and McCarthy. But House Republicans united behind a plan to cut spending, narrowly passing legislation in late April that would raise the debt ceiling in exchange for the spending reductions.

Source: Huffington Post May 28, 2023 01:03 UTC