Biden and McCarthy Reach Agreement in Principle to Extend Debt Ceiling and Avert Catastrophic Default

In a major breakthrough, President Joe Biden and House Speaker Kevin McCarthy have reached an agreement in principle to extend the debt ceiling and avert a catastrophic default. The agreement includes stricter work requirements for safety net programs and a minor rollback of a key part of the Democrats’ signature legislative accomplishment.

House Democratic Leader Hakeem Jeffries informed his caucus in a letter Sunday that Biden and McCarthy will speak no later than 2 p.m. to complete the debt ceiling agreement, and then the legislative bill will be released by Republicans. The legislative text of the bill will be prepared by Republicans and reviewed by the Biden administration before it is finalized.

The agreement is seen as a major victory for the Biden administration, as it will prevent a potential economic recession, protect retirement accounts, and save millions of jobs. Jeffries said in the letter that the agreement is “good news for the American people.”

The details of the agreement have yet to be released, but it is expected to be finalized soon. Once the agreement is finalized, it will be sent to the House, Senate, and American people for review.

The agreement is a major step forward in averting a potential economic crisis and ensuring the financial security of the American people. It is a testament to the Biden administration’s commitment to protecting the American people and their economic interests.