Biden and McCarthy Reach Agreement in Principle to Limit Federal Spending and Resolve Debt Crisis

Washington, D.C. – President Joe Biden and House Speaker Kevin McCarthy have reached an agreement in principle late Saturday evening in an effort to limit federal spending and resolve the looming debt crisis before the June 5th deadline.

The two spoke by phone at around 6 pm Eastern time, and the agreement was reached after the two discussed the remaining issues. Prior to the call, Republican negotiator Rep. Patrick McHenry of North Carolina had expressed pessimism about the situation, citing differences in spending numbers and work requirements.

The agreement between the two sides is seen as a major step forward in resolving the political standoff that threatened the U.S. and global economy. The details of the agreement are still being worked out, and the legislative package is expected to be presented soon.

The debt ceiling agreement is seen as a crucial step in avoiding a potential economic crisis. The U.S. Treasury Department has warned that if the debt ceiling is not raised, the government will be unable to pay its bills and could default on its debt.

The agreement between Biden and McCarthy is a sign of progress and a step in the right direction. The details of the agreement are still being worked out, and the legislative package is expected to be presented soon. It is hoped that the agreement will be able to resolve the looming debt crisis and avoid a potential economic crisis.