President Joe Biden and Republican House Speaker Kevin McCarthy have agreed to a tentative deal that would suspend the limit on the U.S. national debt until 2025. Biden said Saturday the compromise agreement would prevent the U.S. from defaulting on its loans — something Treasury Secretary Janet Yellen says could happen as soon as June 5 unless members of Congress move quickly to raise the debt ceiling.

President Joe Biden: “And it takes the threat of catastrophic default off the table, protects our hard-earned and historic economic recovery, and the agreement also represents a compromise, which means no one got everything they want. But that’s the responsibility of governing.”

The deal calls for nonmilitary discretionary spending to remain mostly flat, while boosting military spending by about 3%. It would cut IRS funding and would add new work requirements for some recipients of food assistance and the Temporary Aid for Needy Families program. The deal would also lift a moratorium on student loan payments and would fast-track the approval and construction of the proposed $6.6 billion Mountain Valley Pipeline in Virginia and West Virginia. We’ll have more on the debt ceiling after headlines.