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economists say this one should not hurt the economy. joining me now is cnbc senior analyst, congressional continue, julie tsirkin, and nbc news white house correspondent, al -- allie raffa. i want to read a few notable things. jason fuhrman, the former deputy director of obama's national council says the fed will be happy. the economy needs cooling off and this takes pressure off interest rates in accomplishing cooling off. a jpmorgan chase analyst says the agreement could function as the equivalent of a quarter point increase in interest rates in terms of helping to restrain inflati...

iowa. perhaps equally stunning, no deaths have been reported, although one woman is missing. the latest from the scene coming up. it was a missed chance for change in turkey where erdogan has been elected for an unprecedented third term. what that means for the people there and for authoritarian rule worldwide. but we start with two days left before the house is expected to vote on a deal to raise the debt limit. brand new details emerging about the political hill still left to climb, not just republicans, but democrats as well. ro khanna, a member of the house progressive caucus...

prevents the worst possible crisis, default for the first time in our american history, economic recession, millions of jobs lost and protects key priorities, accomplishments and values that congressional democrats and i fought long and hard for. president biden and house speaker kevin mccarthy have a deal to raise the debt ceiling in exchange for spending cuts. we will go through what is in the agreement and the reaction from lawmakers on both sides of the aisle. we have new reporting on the evidence that manhattan prosecutors have in the hush money case against former president d...

$20 billion from the irs would be shifted to meet other government needs. the plan also funds veterans' medical care and keeps student debt relief. lawmakers will now be able to read the 99-page bill with a house vote expected wednesday. democrats' progressive caucus with a mixed reaction. >> i'm not happy with some of the things i'm hearing about, but they are not cutting the deficit and they are not cutting spending. >> reporter: both the white house and speaker looking to claim pieces of victory. >> we did a conference call with our conference and over 95% were overwhelmingly excited about ...

Borrowing limit until early 2025 and tightening federal spending. >> we've reached a bipartisan budget agreement. now we're ready to move to the full congress. >> reporter: the tentative deal followed days of negotiations between president biden, house speaker kevin mccarthy and their teams. the result is a compromise that congress must still vote to approve, so the drama is not yet over. >> it's not 100% what everybody wants. when you look, the country is going to be stronger. >> reporter: the agreement would hold nondefense federal spending roughly flat for 2024 with a 1% increase for 2025, ...