President Joe Biden and his Republican opponents have announced they have agreed in principle to raise the US debt ceiling and avert a default. President Joe Biden described the agreement as a "compromise", while House Speaker Kevin McCarthy said it "was worthy of the American people".

President prepares to accept a compromise that could anger some Democrats in the hope of avoiding economic calamity

Agreement would allow president to avoid another standoff until after 2024 election

And Biden has accepted the House GOP’s premise that it is owed deficit reduction in exchange for a debt-ceiling increase. Further, he seems to have acquiesced to pursuing deficit reduction entirely through spending cuts (as opposed to tax increases) and concentrating these cuts on non-Defense discretionary programs.

President Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis