Biden, House GOP Reach Tentative Debt Ceiling Deal

Facts

On Saturday, an agreement in principle was struck between the White House and House Speaker Kevin McCarthy (R-Calif.) on a deal to raise the debt limit. It is hoped the 'Fiscal Responsibility Act' will steer the country away from a national default after weeks of heated partisan negotiations.¹
Biden and McCarthy on Sunday settled the final elements of the deal before releasing the legislative text to House lawmakers that evening. The Senate will have until June 5 to consider whether to support the legislation, or risk the US defaulting on its debts.²
The agreement in principle will lift the debt limit until January 2025, while keeping non-defense discretionary spending roughly flat in 2024 and capping it at a 1% increase in FY 2025.³
While the two-year budget deal does not make any changes to Medicaid, it reportedly increases age work requirements for recipients of food stamps from 50 to 54 and reduces the requisites for veterans and people who are homeless, among others.⁴
The agreement also specifies that $10B of the IRS's budget and billions of dollars in unspent COVID relief funds will be redirected to preserve domestic programs that would otherwise have been cut.⁵
Some GOP members have nevertheless expressed concern over the bill, including Rep. Matt Rosendale from Montana and Colorado Rep. Lauren Boebert.²

Democratic narrative, as provided by Los Angeles Times. In their obstinate push for cuts to federal spending, McCarthy-led House Republicans have threatened to crush the US economy by forcing the country to an unprecedented default. However, this agreement in principle reveals that their goal was exclusively to punish low-income Americans, as the changes will do virtually nothing to reduce government spending.
Republican narrative, as provided by The Gateway Pundit. Democrats have driven the country to the brink of a financial catastrophe, yet McCarthy has betrayed America by allowing the Biden admin. to borrow an unlimited amount of money without imposing any restrictions on federal spending. This deal is a complete disaster that puts the financial future of the US at risk.