, House Speaker Kevin McCarthy confirmed. Both sides came to the tentative agreement after weeks of delays that rattled markets and raised fears about a catastrophic default.by phone earlier Saturday evening, CBS News learned, after hours of marathon negotiations.
A source familiar with the negotiations told CBS News that the agreement raises the debt limit for two years and keep non-defense spending flat, at 2023 fiscal year levels, for two years as well.The breakthrough came just days before the government was expected to exhaust the ability to pay its bills, an unprecedented event that would send shockwaves through the global economy.
Conservatives have demanded drastic spending cuts in exchange for raising the debt ceiling, which Democrats have said should be raised without conditions. Passing the agreement in the House will likely require the votes of dozens of Democrats to offset conservative Republicans who vote against the measure. Some progressives have also vowed to oppose any bill that cuts spending too deeply.
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