President 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, the House speaker said. A deal would avert a catastrophic U.S. default, but risks angering both Democratic and Republican sides with the concessions made to reach it. The Democratic president and Republican speaker reached the agreement after the two spoke earlier Saturday evening by phone, said McCarthy, speaking Saturday night. The country and the world have been watching and waiting for a resolution to political standoff that threatened the U.S. and global economy.
