Biden, GOP reach debt-ceiling deal, now Congress must approve it to prevent calamitous default

President Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis. But now Congress must rush to approve the spending cuts package in a matter of days to avert a potentially disastrous U.S. default. The Treasury secretary has said the U.S. will run out of money to pay its bills and could default June 5. Lifting the debt limit, which is now $31 trillion, allows more borrowing to pay the nation's already incurred bills. The compromise agreement risks angering both Democratic and Republican sides. It's a career challenge for McCarthy who commands only a slim Republican majority and needs Democratic votes to pass the package.