May 29, 2023
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1:29Now PlayingPresident Joe Biden and Speaker Kevin McCarthy reached a bipartisan agreement to raise the debt ceiling as deal heads to Congress and default deadline looms.
RELATEDJoe Biden cuts trip short to meet Kevin McCarthy for debt limit talks
The debt ceiling deal finalized between President Joe Biden and House Speaker Kevin McCarthy on Sunday would reinstate student loan payments and the accrual of interest in late August.
"The pause is gone within 60 days of this being signed," McCarthy told Fox News anchor Shannon Bream. "So that is another victory because that brings in $5 billion each month to the American public." The Biden-McCarthy deal would suspend the debt limit until January 2025. The plan now heads to Congress for a vote.
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