BREAKING: President Joe Biden and House Speaker Kevin McCarthy have reached an 'agreement in principle' as they race to strike a deal to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline.
UPDATED 9:21 PM ET May. 27, 2023President Joe Biden and House Speaker Kevin McCarthy reached an "agreement in principle" late Saturday as they raced to strike a deal to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline.
With the outline of an agreement, a legislative package can be drafted in time for votes in Congress next week ahead of a projected June 5 federal default With the outlines of a deal in place, the legislative package could be drafted and shared with lawmakers in time for votes early next week in the House and later in the Senate. McCarthy said his intention is to release the legislative text on Sunday, with a vote expected on Wednesday.
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.
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