WASHINGTON (AP) - With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation's debt ceiling and worked to ensure enough Republican and Democratic votes to pass the measure in the coming week.The Democratic president and Republican speaker spoke with each other Sunday evening as negotiators rushed to draft the bill text so lawmakers can review compromises that neither the hard-right or left flank is likely to support.
Instead, the leaders are working to gather backing from the political middle as Congress hurries toward votes before a June 5 deadline to avert a damaging federal default."Good news," Biden declared Sunday evening at the White House.RELATED: What's next on debt ceiling: Congress has little time to approve deal before default deadline"The agreement prevents the worst possible crisis, a default, for the first time in our nation’s history," he said. "Takes the threat of a catastrophic default off the table."President Joe Biden and Speaker of the House Kevin McCarthy (R-CA) talk as they depart the U.S.
Capitol following the Friends of Ireland Luncheon on Saint Patrick's Day March 17, 2023 in Washington, DC. (Photo by Drew Angerer/Getty Images) The president urged both parties in Congress to come together for swift passage. "The speaker and I made clear from the start that the only way forward was a bipartisan agreement," he said.The compromise announced late Saturday includes spending cuts but risks angering some lawmakers as they take a closer look at the concessions.