House Speaker Kevin McCarthy and President Joe Biden have announced a bipartisan agreement on raising the debt limit, marking a significant breakthrough in the ongoing negotiations.
The agreement in principle allows both leaders to claim victories and ensures the country's financial stability, alleviating concerns of a potential default.
The deal includes historic reductions in spending and reforms aimed at lifting people out of poverty and into the workforce, without introducing new government programs or taxes.
House Republicans were briefed on the agreement, and the text of the bill is expected to be released on Sunday, with a vote scheduled in the House on Wednesday.
The timely agreement comes as the Treasury Department warned of a possible government fund depletion by June 5, underscoring the urgency to address the debt limit issue.
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