on raising the federal government's debt ceiling, as the nation faced risk of default in little more than a week.
"We do not have a deal," McCarthy told reporters. "We are not there yet. We did make progress, we worked well into early this morning. And we're back at it now." Republicans have sought to curb government spending sharply over the coming 10 years to slow the growth of the U.S. debt, which is now equal to the annual output of the economy.The two sides have tentatively reached an agreement that would raise the debt ceiling by enough to cover the country's borrowing needs through the November 2024 presidential election.
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