President Joe Biden and House Speaker Kevin McCarthy have reached an agreement in principle to extend the debt ceiling and avert a catastrophic default, which includes stricter work requirements for safety net programs and a minor rollback of a key part of the Democrats' signature legislative accomplishment. The agreement is seen as a major victory for the Biden administration, protecting retirement accounts, saving millions of jobs, and preventing a potential economic recession. The legislative text of the bill will be prepared by Republicans and reviewed by the Biden administration before it is finalized.
