House Speaker Kevin McCarthy (R-CA) and President Joe Biden have come to an agreement on raising the debt ceiling, McCarthy announced Saturday night.
McCarthy said in a brief press conference that while they still have to spend the evening ironing out details and that text of the bill will come Sunday, he said he believes the agreement is “worthy of the American people.”
“It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, rein in government overreach. There are no new taxes, no new government programs,” McCarthy said.
He noted that he expects Congress members, most of whom have left Washington for Memorial Day weekend and recess, to return Wednesday to vote on the bill package, a timeline that indicates McCarthy is following House rules of allowing lawmakers a full three days to review the text.
McCarthy spoke just ahead of a call with Republican members during which he was expected to brief them on provisions of the bill package, according to a source familiar with the plans.
In April, McCarthy led House Republicans to pass a deal to raise the debt limit through next year in exchange for deep spending cuts that would save an estimated $5 trillion over the next ten years. The bill included expanding work requirements for welfare recipients, taking back unspent money allocated toward COVID, permitting reforms, blocking Biden’s student loan bailout, and more.
This new agreement, while raising the debt limit higher than the House GOP’s original bill, is expected to preserve some of Republicans’ desired spending reductions.
This story is developing.
The post McCarthy, Biden Reach Debt Ceiling Agreement in Principle appeared first on Breitbart.
