Joe Biden and Kevin McCarthy in Washington DC in March.Drew Angerer/Getty Images Joe Biden and House Speaker Kevin McCarthy reached an agreement Saturday night on the debt ceiling. The deal will allow government borrowing to rise and avoid a default ahead of a June 5 deadline. Negotiators are now racing to finalize the bill's text ahead of a vote in the House Wednesday. WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an agreement in principle Saturday on legislation to increase the nation's borrowing authority and avoid a default.Negotiators are now racing to finalize the bill's text.