The agreement comes just days before potential default.
Speaker Kevin McCarthy announced at a brief presser on Saturday night that House Republicans and the White House have reached a tentative deal to raise the federal government’s debt limit, ending a months-long stalemate.
«I just got off the phone with the president — I talked to him twice today — and after weeks of negotiations, we have come to an agreement in principle,» McCarthy said, emerging from his office shortly after 9:00 PM on Saturday. «We still have a lot of work to do.»
McCarthy — who did not take any questions from the press — laid out next steps for the deal, including plans to post the text tomorrow and vote on the bill on Wednesday.
«I expect to finish the writing of the bill, checking in with the White House and speaking to the president again tomorrow afternoon and then posting the text of it tomorrow and be voting on it on Wednesday,» he said.
The Speaker was light on specific details regarding the bill, instead calling it, «an agreement in principle that’s worthy of the American people.»
«It has historically reductions in spending, consequential reforms that will lift people out of poverty into the workforce, reign in government overreach. There are no new taxes, no government programs,» McCarthy said.
President Joe Biden has issued a statement on the agreement in principle, calling it «an important step forward» and a «compromise» as the White House and Congress continue to finalize the text of the bill.
«It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and Congressional Democrats’ key priorities and legislative accomplishments,» Biden touted of the agreement.
