WH And GOP Reach Tentative Agreement On Debt

The New York Times reports:

Top White House and Republican negotiators on Saturday reached a deal in principle to raise the debt limit for two years while cutting and capping some government spending over the same period, a breakthrough after a marathon set of crisis talks that has brought the nation within days of its first default in history.

Congressional passage of the plan before June 5, when the Treasury is projected to exhaust its ability to pay its obligations, was not assured, particularly in the House.

Republicans hold a narrow majority in the chamber, and right-wing lawmakers who had demanded significantly larger budget cuts in exchange for lifting the borrowing limit are all but certain to revolt.

Read the full article.

The White House and House Republicans have an agreement in principle on a deal to raise the debt ceiling and cap spending, multiple sources familiar with the negotiations told CNN. per @mkraju @JDiamond1 and @FoxReports

— Jim Acosta (@Acosta) May 28, 2023

? BREAKING: House Republicans have an agreement in principle with the White House on a debt-limit deal.

Member call at 9:30 p.m.

— Jake Sherman (@JakeSherman) May 28, 2023