Deal to raise debt ceiling waiting on approval from Congress

House Speaker Kevin McCarthy released the text of a bill to raise the debt ceiling, as the U.S. government is approaching a default on its debt, which could have catastrophic consequences on the economy. President Biden announced a bipartisan budget agreement with provisions including raising the debt ceiling, cutting non-defense spending, using unspent COVID-19 relief funds, and temporarily expanding work requirements for welfare benefits, but now the challenge lies in convincing members of Congress to support it before the country faces a financial crisis.