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Speaker Kevin McCarthy and President Biden struck a tentative deal on Saturday to raise the debt limit in exchange for cutting spending. 

The duo agreed to the terms in a phone call after weeks of negotiation. Mr. McCarthy is set to brief House GOP lawmakers on the package, which extends the federal debt limit past the June 5th deadline and caps spending growth. 

The breakthrough came after weeks of negotiations. Negotiators for both sides stressed the agreement was “in principle” and obstacles could still emerge as it’s converted into legislative text.

The deal will have to garner the support of a large number of Republicans and potentially Democrats to pass the narrowly divided House. 

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