Biden, GOP reach debt-ceiling deal, now Congress must approve it to prevent calamitous default

WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation's legal debt ceiling, but now Congress must rush to approve the spending cuts package in a matter of days to avert a potentially disastrous U.S. default.  

The Democratic president and Republican speaker reached the agreement after the two spoke Saturday evening by phone. The country and the world have been watching and waiting for a resolution to a political standoff that threatened the U.S. and global economies. 

Read more: Debt ceiling explained: Why it's a struggle in Washington and how the impasse could end