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McCarthy (R-Bakersfield) said that he and Biden had agreed to a two-year increase on the $31.4-trillion debt ceiling, extending the nation’s borrowing limit until after the 2024 presidential election.
McCarthy said that he and Biden had spoken twice on Saturday and that “we still have a lot of work to do.
Passing a brokered deal with Biden could avert an unprecedented default, but could also cost the California Republican his leadership post.
McCarthy and the White House will need dozens of Democrats to back the bipartisan plan in order to pass it in the narrowly divided House.
The White House has warned it would disrupt payments to Social Security beneficiaries, government employees and members of the military.