McCarthy and Biden Reach ‘Agreement in Principle’ Regarding Debt Ceiling

Speaker of the House Kevin McCarthy (R-CA) announced an “agreement in principle” with Joe Biden on a deal to raise the federal debt ceiling Saturday night.

“I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people,” McCarthy wrote on Twitter.

The speaker said 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…”

From The Gateway Pundit:

McCarthy is standing by the 72 hour rule, meaning a vote on the House will take place no earlier than Thursday as the bill still needs to be written. Treasury Secretary Janet Yellen on Friday gave a new deadline of June 5, conveniently giving room for negotiations and time to pass the House and Senate.