Debt ceiling deal pressure mounts on key swing vote.

President Biden and House Republicans have reached an agreement in principle to address the debt limit and cap spending. The agreement would suspend the nation’s $31.4 trillion debt limit through January 1, 2025, and cap non-defense spending. The deal would maintain full funding for veterans’ health care and would increase support for the PACT Act’s toxic exposure fund. The agreement calls for temporarily broadening work requirements for certain adults receiving food stamps and would rescind roughly $28 billion in unobligated funds from the Covid-19 relief packages. Borrowers would have to begin paying back their student loans at the end of the summer, and the agreement would maintain Biden’s plan to provide up to $20,000 in debt relief for qualifying borrowers.