Debt ceiling deal reached!

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White House and House Republicans strike an agreement in principle to raise the debt ceiling.

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.

The agreement in principle was reached by President Joe Biden and McCarthy during a phone call Saturday, a source familiar with their call said. Now both leaders face the tall task of selling the deal to their allies in both chambers of Congress, where Republicans control the House and Democrats control the Senate. The deal must get passed before June 5 – the crucial date when Treasury Secretary Janet Yellen says the US will no longer be able to pay its bills.

“After weeks of negotiations, we have come to an agreement in principle. We still have a lot of work to do but I believe this is an agreement in principle worthy of the American people,” McCarthy said during a brief remarks to reporters.

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