President Biden and House Speaker McCarthy have reached an “agreement in principle” as they raced to strike a deal to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline.
The Sun shines on the U.S. Capitol in Washington, Saturday, May 27, 2023. House negotiators left the Capitol in the early hours of Saturday without a debt limit deal with the White House. They're expected to return later in hopes of reaching an agreement over the holiday weekend.
The Democratic president and Republican speaker reached the agreement after the two spoke earlier Saturday evening by phone, said McCarthy, speaking Saturday night. The country and the world have been watching and waiting for a resolution to political standoff that threatened the U.S. and global economy.
Negotiators agreed to some Republican demands for enhanced work requirements on recipients of food stamps that had sparked an uproar from House Democrats as a nonstarter. McCarthy’s comments had echoed the latest public assessment from Biden, who said Friday evening that bargainers were “very close.” Biden and McCarthy last met face-to-face on the matter Monday.
They also had appeared to still be laboring over a compromise on federal permitting changes that would ease regulations for developing oil, gas and renewable energy projects and foster new transmission line connections.
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