Congress Races to Pass Debt Ceiling Deal Before Default Risk

House leaders are pushing for a deal to raise the nation's debt ceiling.
Speaker Kevin McCarthy and President Joe Biden reached an agreement to suspend the debt ceiling until 2025, cut federal spending, and add new caps on spending.
The deal falls short of the spending cuts outlined in the Republican Limit, Save, Grow Act passed in the House last month.
The bill cleared a key hurdle on Tuesday as the House Rules Committee voted to advance the bill.
Some GOP lawmakers are objecting to the deal, calling it "insanity" and saying they wouldn't vote for it.