The White House and House of Representatives have reached an agreement in debt ceiling talks, avoiding national default.

The New York Times reported three people familiar with the negotiations confirmed Saturday that a deal had been reached after months of contentious partisan negotiations.

Two additional sources confirmed to Reuters that negotiators agreed to cap non-defense discretionary spending at 2023 levels for two years in exchange for a debt ceiling increase over a similar period.

The agreement helps steer the country away from a catastrophic debt default.

businessinsider.com