McCarthy and Biden reach agreement in principle on debt limit

White House and congressional GOP negotiators have reached an agreement in principle to avert a debt default, according to two people familiar with the deal.

Hill leaders will now race to draft and pass the deal as quickly as possible — through both the House and the Senate — ahead of the June 5 deadline. And both Biden and Speaker Kevin McCarthy still have to sell their respective parties on the agreement, navigating fraught votes in both chambers.