WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis.
McCarthy outlined the proposed deal Saturday night.
Biden and McCarthy spoke by phone earlier in the evening as they raced to prevent a catastrophic debt default.
With the outline of an agreement, a legislative package can be drafted in time for votes in Congress next week.
That’s ahead of a projected June 5 federal default.
Negotiators have wrangled over a deal that would also making spending cuts that House Republicans are demanding.