President Joe Biden and House Speaker Kevin McCarthy have come to an agreement"in principle" to extend the debt ceiling, McCarthy confirmed Saturday night.
"I believe this is an agreement in principle that is worthy of the American people," McCarthy said."It has historic reductions in spending, consequential reforms that will lift people out poverty and into the workforce, reign in government overreach. There are no new taxes, no new government programs."
A bill still needs to be drafted and voted on by both the House and Senate. Had the U.S. reached its debt limit, the government would not have been to pay its bills fully. Experts warned this would result in disastrous consequences for the economy.
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