The White House and House Republicans reach an agreement in principle to raise the debt ceiling and cap spending, sources say
The White House and House Republicans have an agreement in principle on a deal to raise the debt ceiling for two years and cap spending, House Speaker Kevin McCarthy confirmed Saturday, moving the nation one step back from the brink of a historic default. The agreement in principle was reached by President Joe Biden and McCarthy during a phone call Saturday, a source familiar with their call said.
As part of the deal, the White House has also appeared to have made concessions to House Republican negotiators on work requirements for people receiving food stamps. The agreement reached on Saturday phases in food stamp time limits on people up to age 54 that will then sunset in 2030, while also exempting veterans and people who are homeless from these limits, according to this source.
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