On Saturday evening, Speaker Mccarthy declared that an agreement “in principle” had been reached with the Democrats, ensuring that America would not default. McCarthy’s announcement followed extensive negotiations and discussions with President Biden.

“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 stated. He acknowledged that there was still much work to be done but emphasized that the agreement was “worthy of the American people.”

According to McCarthy, the agreement achieved with the Democrats entails “historic reductions in spending” and significant reforms that will uplift individuals out of poverty and into the workforce. Additionally, the deal addresses concerns regarding government overreach while avoiding the introduction of new taxes or government programs. McCarthy noted that the bill encompasses various other provisions as well.

The Speaker of the House further conveyed that the work would continue throughout the night. In consideration of Republican members of Congress, McCarthy refrained from taking questions, opting to first brief them on the current status. He indicated that the bill’s drafting would be completed by tomorrow afternoon after consulting with the White House and having another conversation with the President. McCarthy intends to release the text of the bill tomorrow, followed by a vote scheduled for Wednesday.

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