Debt limit bill provisions and political pressure in Washington.

The bipartisan deal struck by President Joe Biden and House Speaker Kevin McCarthy would extend the debt limit for two years alongside modest federal spending cuts and a series of policy provisions. The 99-page Fiscal Responsibility Act includes a suspension of the debt ceiling until Jan. 1, 2025, spending caps for the next two years, and conservative policy measures such as rescinding unspent Covid relief funds and imposing work requirements for certain benefits. The White House emphasizes the modesty of the spending cuts and the preservation of climate and clean energy provisions, while a catastrophic default would be averted for the rest of Biden's first term.