Washington CNN —The White House and House Republicans have an agreement in principle on a deal to raise the debt ceiling for two years and cap spending, House Speaker Kevin McCarthy confirmed Saturday, moving the nation one step back from the brink of a historic default. That’s the responsibility of governing.”If the deal ends up passing through Congress and being signed into law by Biden before that so-called X date, the White House and House Republicans will have avoided an unprecedented economic crisis. The White House plans to brief Democrats on Sunday, according to a Democratic aide. McCarthy told reporters Saturday evening that he expects the House to vote Wednesday on the agreement reached with the White House. House Republicans circulated a fact sheet of the details of the debt limit agreement to House and Senate Republicans Saturday night after announcing the deal, according to two sources with direct knowledge of the document.

Source: CNN May 28, 2023 01:27 UTC