SUMMARY: Top leaders in both parties reached a long-sought deal on Saturday to avoid an unprecedented government default, announcing an agreement on a plan to lift the debt ceiling for two years and apply new caps on federal spending over the same duration. The impasse became so entrenched Saturday evening that President Biden and Speaker Kevin McCarthy (R-Calif.), who had no plans to speak, staged a break-the-glass phone call in an 11th-hour effort to break the stalemate. The proposal still faces tall barriers to passage, particularly in the House, where conservatives wasted no time hammering the compromise as a capitulation by McCarthy to Biden — one they say has undermined the deficit reduction goals of Republicans going into the talks.

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