An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation's legal debt ceiling, but now Congress has only days to approve a package that includes spending cuts and would avert a potentially disastrous U.S. default.

The compromise announced late Saturday risks angering both Democratic and Republican lawmakers as they begin to unpack the concessions. Negotiators agreed to some Republican demands for increased work requirements for recipients of food stamps that House Democrats had called a nonstarter. But bargainers stopped short of greater spending cuts overall that Republicans wanted.

Support from both parties will be needed to win congressional approval before a projected June 5 government default on U.S. debts. Lawmakers are not expected to return to work from the Memorial Day weekend before Tuesday, at the earliest, and Mr. McCarthy has promised lawmakers he will abide by the rule to post any bill for 72 hours before voting.

Senior administration officials including budget director Shalanda Young, National Economic Council Deputy Director Aviva Aron-Dine, and John Podesta, the White House’s senior adviser on climate, planned a virtual briefing with House Democrats on Sunday afternoon, according to a House Democratic aide. One of the chief negotiators, presidential counselor Steve Ricchetti, began making one-on-one calls to Democratic lawmakers on Saturday night and during the day Sunday as the administration ramped...

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