Good morning, I'm Taylor Wilson, and this is five things you need to know Monday, the 29th of May, 2023.

Today, a deal on the debt ceiling, plus what Turkey's runoff election means for the world.

And the government works to offset donations for January 6th rioters.

Just days before a potential default, President Joe Biden and House Speaker Kevin McCarthy reached a deal late Saturday to raise the debt ceiling.

That's an exchange for caps on future spending and other demands from Republicans.

I spoke with USA Today White House correspondent Joey Garrison for the latest.

Howdy Joey.

Hey, how are you doing?

Good. Thanks for hopping back on the show.

So Joey, what's in this deal and what didn't make the cut?

So what this deal does is, first of all, most importantly, for President Biden, does it raises that that ceiling extends it through the end of 2024?

So that essentially takes a pass the next election.

And the next time a president and Congress have to take this up will be in 2025.

And in turn, what Republicans get out of this is they've been pushing for spending caps for the next 10 years.

Then they brought it back down to six years. Ultimately, it's going to be spending caps for the next two years, which is something the White House supported.

So that was kind of a middle ground they met there.

In addition, there are expanded work requirements that Republicans wanted for food stamps and other federal benefits.

It clause back some of the IRS funding that was approved last year and the inflation reduction act.

It takes out 10 billion of 80 billion that was approved to ramp up enforcement of tax cheats really wealthy Americans and corporations that are able to evade taxes.

That's been a real big talking point for Republicans and they were able to get a little bit rolled back on that.

It also sends some unspent COVID-19 rescue dollars.

And what it doesn't do is President Biden had been especially towards the end and been saying, hey, not only are we going to have spending cuts, we ought to also look at revenue, particularly by taking out tax loopholes that corporations utilize as well as rolling back.

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