Republican leaders in the House of Representatives and the White House have reached an “agreement in principle” to raise the debt ceiling — just over a week before the deadline to avoid a potential default.
Republican Speaker Kevin McCarthy first tweeted the news Saturday night. He said the parties have come to an “agreement in principle that is worthy of the American people.” “We still have a lot of work to do,” McCarthy said on Saturday night, indicating to reporters that “the writing of it” was still left to be done in the evening.
He said the text is expected to be posted on Sunday, with a vote on Wednesday. U.S. President Joe Biden confirmed the news roughly an hour later.
Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle. It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone.