The agreement comes just days before potential default.
House Speaker Kevin McCarthy confirmed Saturday that the White House and Republicans have reached a tentative deal on the debt ceiling.
“I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people,” McCarthy said.
McCarthy is expected to give remarks at 9:30 p.m.
The welcome breakthrough comes just days before June 5 — the date Treasury Secretary Janet Yellen warned the U.S. could run out of cash to pay all of its bills on time.
A tentative deal will have to pass the Republican-controlled House and Democrat-controlled Senate.
Time is of the essence to push the deal through before potential default. McCarthy’s pledged to give House members 72 hours to review the legislation before a vote.
