BREAKING: White House and Republicans Reach Tentative Debt Ceiling Deal: Sources
By Sahil Kapur and Katherine Doyle | NBC NewsKey negotiators struck an agreement in principle Saturday night to extend the debt ceiling and avert a catastrophic default, just days before the Treasury Department says the U.S. could run out of money, according to three Republican sources.
The deal — which will raise the federal debt limit in exchange for cuts to spending — still has to be converted into legislative language and pass both the Republican-led House and Democratic-controlled Senate. It follows weeks of negotiations led by President Joe Biden and Speaker Kevin McCarthy, amid demands by the GOP to extract spending cuts in exchange for allowing the nation to continue to pay the bills.
Biden and McCarthy spent an hour and a half on a call Saturday night, a rare one-on-one conversation between the two leaders that followed days of fraught talks over the final sticking points. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly
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