Congress Reaches Bipartisan Deal to Raise Debt Ceiling for Two Years

The House passed legislation to increase the federal borrowing limit and cut spending over the next decade.
President Biden and Speaker Kevin McCarthy negotiated the agreement, which includes concessions to both parties like expanded work requirements for food stamps and halting student loan forgiveness.
The deal rolls back Biden's agenda in some areas but gives Democrats a debt ceiling increase while giving Republicans spending cuts and policy changes they sought.
The Senate still needs to approve the deal before the US defaults on its debt, which could happen as soon as June 5.
While Biden and McCarthy have a strained relationship, they were able to find common ground with the help of key negotiators on both sides.