Details are trickling out about the accord that could avert a default on the national debt. Here’s what to know.
President Biden and Speaker Kevin McCarthy reached an agreement on Saturday to raise the debt ceiling while imposing new restraints on federal spending. If approved by Congress, it will end a partisan deadlock and avert a potentially devastating national default.
The deal will not only resolve the high-octane dispute over debt and spending issues that has gripped Washington for weeks but also enact important changes in environmental permitting, work requirements for social safety-net programs, and Internal Revenue Service tax enforcement.
