After months of back and forth, House Republicans and the White House this weekend unveiled a deal on raising the nation’s $31.4 trillion borrowing limit while implementing some caps on government spending and other policy changes.
The legislation, which was released publicly on Sunday, will need to be approved by Congress within days to avert a historic default that could begin as soon as June 5, Treasury Secretary Janet Yellen has said.
Otherwise the U.S. will be unable to pay all of its bills — sowing unprecedented economic turmoil, including lost jobs and major hits to stock markets.
President Joe Biden has vowed to sign the debt deal if it passes the House and Senate. A House vote is slated for Wednesday.
Read more at AOL.com
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