Bipartisan congressional leaders and the White House struck a major fiscal deal in principle that would raise the debt ceiling and lift budget caps on both defense and domestic programs, said congressional sources familiar with the deal.
The agreement could be voted on as early as Wednesday, the same day House Republicans are expected to nominate Rep. Paul Ryan to replace retiring Rep. John Boehner as House speaker.
The final details are being ironed out. The deal would avoid a potential debt default on November 3 and would reduce the chances of a government shutdown in December. Congress would still need to pass an omnibus spending bill with specific funding levels for various federal agencies to avoid a shutdown.
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