President Biden and House Speaker Kevin McCarthy reached an agreement in principle to avoid a default and raise the nation's debt ceiling. The deal holds nondefense spending for fiscal year 2024 at roughly current levels and raises it 1% in 2025, according to a source familiar with the negotiations. The agreement separately raises the debt limit for two years. McCarthy plans to put the measure to a vote in the House chamber as early as next Wednesday. "After weeks of negotiations, we have come to an agreement in principle," McCarthy said speaking in the U.S. Capitol. "We still have a lot of work to do but I believe ... (full story)