AP source: Biden, McCarthy reach 'agreement in principle' to raise debt ceiling as default looms

WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” late Saturday as they raced to strike a deal that to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline, a person familiar with the situation said. A deal would avert a catastrophic U.S. default.The Democratic president and Republican speaker reached the agreement after the two spoke earlier Saturday evening