Debt limit agreement reached with potential risks for US economy.

President Biden and Speaker Kevin McCarthy reached a bipartisan agreement to suspend the nation's borrowing limit for two years while cutting and capping some government spending. The deal includes limits on the growth of federal discretionary spending, new work requirements for certain recipients of food stamps and the Temporary Aid for Needy Families program, and a fast track to construction for a new natural gas pipeline from West Virginia to Virginia. The legislation also includes new measures to get energy projects approved more quickly and claws back about $30 billion in unspent money from a previous Covid relief bill. The bill officially puts an end to Mr. Biden’s freeze on student loan repayments by the end of August and restricts his ability to reinstate such a moratorium.