Fox News senior congressional correspondent Chad Pergram shares an 'agreement in principle' has been reached between Democrats and Republicans on the nation's debt ceiling.

WASHINGTON – President Joe Biden and House Speaker Kevin McCarthy reached an "agreement in principle" Saturday to raise the nation’s debt ceiling and cut government spending, according to a source familiar with talks, capping a rollercoaster round of negotiations that brought the nation to the brink of a default and economic disaster.

U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate, Punchbowl News reported.

U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate, a source familiar with the negotiations said on Saturday.

After contentious negotiations, the debt ceiling agreement helps steer the country away from a catastrophic default on its debts.

President Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis.

House Speaker Kevin McCarthy says Republican negotiators are “closer to an agreement” that would resolve the looming debt crisis, but there's no deal yet with President Joe Biden