UPDATE: Biden, McCarthy reach ‘agreement in principle’ to raise debt ceiling as default looms, AP source says:
By LISA MASCARO, MARY CLARE JALONICK, ZEKE MILLER and KEVIN FREKING
With the outlines of a deal in place, the legislative package could be drafted and shared with lawmakers in time for votes early next week in the House and later in the Senate. The Republican House speaker had gathered top allies behind closed doors at the Capitol as negotiators pushed for a deal that would raise the nation’s borrowing limit and avoid a first-ever default on the federal debt, while also making spending cuts that House Republicans are demanding.
But as another day dragged on with financial disaster looming closer, it had appeared some of the problems over policy issues that dogged talks all week remained unresolved. Americans and the world were uneasily watching the negotiating brinkmanship that could throw the U.S. economy into chaos and sap world confidence in the nation’s leadership. House negotiators left the Capitol at 2 a.m. the night before, only to return hours later.
All sides also are hearing from other lawmakers, including Sen. Kyrsten Sinema, the independent from Arizona, who has been in the center of big policy debates, and Rep. Josh Gottheimer, D-N.J., of the bipartisan Problem Solvers Caucus. “We’re constantly in touch with our members, letting them know that what is being reported, you should not accept that,” Emmer said. “If there’s an agreement, we will let them know.”
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