Franco Ordoñez is a White House Correspondent for NPR's Washington Desk. Before he came to NPR in 2019, Ordoñez covered the White House for McClatchy. He has also written about diplomatic affairs, foreign policy and immigration, and has been a correspondent in Cuba, Colombia, Mexico and Haiti.
President Joe Biden has reached a deal with House Speaker Kevin McCarthy on raising the debt ceiling. Now, it's up to the Senate and House to approve the deal.
The leaders' breakthrough comes after weeks of negotiations and a series of on-and-off talks. The U.S. is set to run out of money to pay its loans on June 5 if a deal is not approved by Congress.
The Treasury estimates the country could default on its loans early next month. But negotiators are still hashing out key provisions like whether to expand work requirements for federal assistance.