Here are the vague details. Via the Washington Post:
President Biden and House Speaker Kevin McCarthy (R-Calif.) reached an “agreement in principle” on Saturday to raise the debt ceiling and cap federal spending, clinching a critical first step toward preventing a government default that could be nine days away.
The agreement offers Congress a road map for averting a fiscal crisis: It preserves the country’s ability to borrow money into 2025, resets the budgets at a broad swath of federal agencies and institutes new work requirements on some Americans who receive federal nutrition assistance known as food stamps.
The full details were not immediately clear Saturday night, as lawmakers had yet to introduce any legislative text. But it arrives more than four months after Republicans assumed control of the House in January and plotted a strategy to leverage the debt ceiling to achieve their policy agenda — ignoring repeated warnings that their brinkmanship could plunge the country into a recession.
