Biden's Debt Ceiling Deal: Crisis Averted and Conservative Victory Achieved.

President Joe Biden celebrated the passing of a bipartisan budget agreement that eliminates the potential for an unprecedented government default, which he said would have been catastrophic for the U.S. and global economies. The agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on major Democratic priorities. It raises the debt limit until 2025 and gives legislators budget targets for the next two years, in hopes of assuring fiscal stability as the political season heats up.