What’s Inside McCarthy’s Debt Ceiling Deal With Biden

U.S. President Joe Biden sits next to Speaker of the House Kevin McCarthy (R-Calif.) during the National Prayer Breakfast at the Capitol on Feb. 2, 2023. The National Prayer Breakfast is a yearly bipartisan event that brings together religious leaders and politicians for a morning of prayer and reflection. Kevin Dietsch/Getty Images

After a months-long standoff, Speaker of the House Kevin McCarthy (R-Calif.) and President Joe Biden have reached a final deal to raise the debt ceiling, which now heads to Congress.

Both McCarthy and Biden have praised the deal, calling it a compromise agreement, and have expressed confidence that it would pass both chambers of Congress. The deal would suspend the debt ceiling until 2025. The full text of the bill was released on May 28 (pdf).