BREAKING: Debt Ceiling Deal Reached

After weeks of tense negotiations, President Biden and Speaker McCarthy have reportedly reached a tentative agreement to raise the debt ceiling and avert a potential U.S. default. The deal, details of which are still emerging, is expected to include spending cuts and caps on future spending. Both sides are now working to whip votes in their respective parties to secure passage before the June 5th deadline, when Treasury Secretary Yellen has warned the U.S. could run out of money. This is a developing story, check back for updates.

Sources say the agreement includes caps on discretionary spending for two years, with some exceptions for defense spending. There are also reports of adjustments to work requirements for some federal aid programs. The deal still needs to be finalized and voted on by both the House and the Senate. Opposition from both the far-left and far-right is anticipated, making passage uncertain.