WASHINGTON - President Joe Biden and House Speaker Kevin McCarthy reached an "agreement in principle" late March 27 as they raced to strike a deal to limit federal spending and resolve a potential debt crisis ahead of a June 5 deadline, the House speaker said.
A deal would avert a catastrophic U.S. default, but risks angering both Democratic and Republican sides with the concessions made to reach it.
With outlines of a deal, the legislative package could be drafted and shared with lawmakers early this week in the House and later in the Senate. However, the drama is by no means over.
Central to the package is a 2-year budget deal that would hold spending flat for FY 2024 and impose limits for FY-25 in exchange for raising the debt limit for two years, pushing the volatile political issue past the next presidential election in 2024.
Negotiators agreed to some GOP demands for enhanced work requirements on recipients of food stamps that sparked an uproar from House Democrats as a non-starter. (The AP 05/27/23) Biden and GOP agree to 2-year budget-debt ceiling deal (wapt.com)
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