NEW: President 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.
President Joe Biden speaks during a meeting on the debt ceiling with US House Speaker Kevin McCarthy , not pictured, in the Oval Office of the White House in Washington, DC, on May 22, 2023.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 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. President Joe Biden speaks during a meeting on the debt ceiling with US House Speaker Kevin McCarthy , not pictured, in the Oval Office of the White House in Washington, DC, on May 22, 2023.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.
Biden said the deal will prevent "what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost,"-- though the deal will have to pass both Chambers of Congress and get to his desk by June 5 to do so. Sources say the budget deal would keep non-defense spending roughly flat with current levels in fiscal year 2024, increasing by 1% in 2025.
Wings from both parties expressed dissatisfaction during talks and encouraged their respective leaders to stand their ground.
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