10 things you need to know today: May 18, 2023

Biden and McCarthy say they will reach debt limit deal, Deutsche Bank agrees to pay $75 million to settle lawsuit by Jeffrey Epstein's accusers, and more

Kevin McCarthy speaks to a gaggle of reporters about his talks with Biden regarding the debt ceiling
McCarthy said reaching a deal on the debt ceiling by the time Biden returns from Asia Sunday is 'doable'
(Image credit: ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

1. Biden, McCarthy say debt ceiling deal 'doable' in coming week

President Biden and House Speaker Kevin McCarthy (R-Calif.) said Wednesday that they were determined to reach a deal soon on raising the debt ceiling to prevent a catastrophic default. Biden and McCarthy on Tuesday agreed to negotiate directly on a deal to raise the $31.4 trillion debt ceiling before the government runs short of money in June. Biden and fellow Democrats insist on raising the cap with no conditions. Republicans want deep spending cuts in exchange for raising the debt limit. "We're going to come together because there's no alternative," Biden told reporters at the White House before leaving for a Group of Seven summit in Japan. McCarthy said reaching a deal by the time Biden returns Sunday is "doable."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.