With days to spare until a government default, President Biden and House Speaker Kevin McCarthy (R-Calif.) on Saturday evening announced a deal to raise the federal debt ceiling and fund the government for the next two years.
The deal now faces an uncertain path to passage through the House and Senate. Conservatives have already objected to a deal they say does not do enough to cut federal spending, while some liberals have worried it sacrifices funding for key priorities. The exact details of the bill remained unclear, although lawmakers in both parties had begun to confirm key details Saturday night.
But the deal accomplishes much for both Biden and McCarthy, enabling them to claim a victory that appeared elusive just days ago. Biden can point to a deal that, at least temporarily, frees him from the headache of the debt ceiling, while staving off Republican demands for steep cuts to domestic spending. McCarthy gets a deal that curtails federal spending, and enhances some work requirements on federal aid programs, such as food stamps.
Here’s what’s in — and out — of the deal announced Saturday.
