Details of the deal between Joe Biden and Kevin McCarthy take the form of a 99-page bill that would suspend the nation’s debt limit into 2025 in order to avoid an unprecedented federal default, which the White House said on Monday would be “catastrophic for the American people”, while limiting government spending.

The Democratic president and Republican House speaker are trying to win over lawmakers to the plan in time to avert a default that would shake the global economy. But Congress will be scrutinizing and debating the legislation fiercely this week.

McCarthy said the House will vote on the legislation on Wednesday, giving the Senate time to consider it before 5 June, the date when the treasury secretary, Janet Yellen, said the US could default on its debt obligations if lawmakers did not act in time.

With the details of the deal now clear, here’s what’s in and out:

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Source: https://www.theguardian.com/us-news/2023/may/29/us-debt-ceiling-deal-explainer-biden-mccarthy

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