“President Biden and House Speaker Kevin McCarthy (R-CA) have reached a tentative agreement for raising the nation’s borrowing limit for two years while placing new limits on spending over that period, according to a person familiar with negotiations, moving to end a standoff that has threatened a historic default on U.S. government debt and put the global economy on edge,” the Wall Street Journal reports.
“The agreement was announced after Biden and McCarthy spoke by phone on Saturday night for roughly 90 minutes and follows weeks of negotiations between the White House and GOP leaders in the House.”
Matthew Yglesias: “If you ignore everything about the circumstances of how this came together, it’s really not a bad deal.”
