Biden and McCarthy reach bipartisan debt ceiling deal.

President Joe Biden and Republican House Speaker Kevin McCarthy have agreed on a deal to temporarily suspend the debt ceiling and cap some federal spending until Jan. 1, 2025. The deal would boost total defense spending to $886 billion, in line with Biden's 2024 budget spending proposal, and shift $10 billion in each of calendar years 2024 and 2025 in funding away from the Internal Revenue Service. The estimated amount of unused Covid relief funds is between $50 billion and $70 billion, and the new bill would require the Biden administration to follow through with a plan to end the current pause on student loan repayments by late August. The agreement would impose new work requirements on some low-income people who receive food assistance under the program known as SNAP up to age 54, instead of up to age 50.