On Saturday night, Speaker of the House Kevin McCarthy announced that after weeks of negotiations, the House GOP and Joe Biden have reached an “agreement in principle” on a deal to raise the federal debt ceiling.
McCarthy made a brief statement, saying the deal “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. There’s a lot more within the bill. We still have more work to do tonight to finish all the writing of it…”
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The agreement comes as Treasury Secretary Janet Yellen warned that failing to raise the borrowing limit would result in severe hardship, and extended the deadline to June 5.
A vote in the House is expected Thursday, according to Majority Leader Steve Scalise (R-LA).
Details of the bill were posted to Twitter by Punchbowl News reporters:
