The White House and congressional Republicans have reached a deal in principle to raise the debt ceiling, which caps the total amount of money that the US can borrow to fund the federal government. The tentative deal would also cap government spending for two years.
The full details of the bill have not emerged, but it defuses fears that the US could default on its loans, which would likely cause a massive economic crisis. Treasury Secretary Janet Yellen previously warned that a default could happen as early as June 5.
A simple majority of 218 votes will be needed to pass debt ceiling legislation in the narrowly divided House, where Republicans hold a 222-person majority while Democrats control 213 seats. Some members from both parties are expected to defect, and Republicans are currently divided over the bill.
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