President Joe Biden and House Speaker Kevin McCarthy have reached an agreement in principle on legislation to increase the debt ceiling, the nation’s borrowing authority, and avoid a federal default.
Negotiators are now racing to finalize the bill’s text. McCarthy, R-Calif., said the House will vote on the legislation on Wednesday, giving the Senate time to consider it before June 5, the date when Treasury Secretary Janet Yellen has said the United States could default on its debt obligations if lawmakers did not act in time.
