The White House released a statement Saturday night on the “agreement in principle” reached with Speaker of the House Kevin McCarthy (R-CA). Biden called the deal a “compromise” but said it “protects my and Congressional Democrats’ key priorities and legislative accomplishments.”

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. And, the agreement protects my and Congressional Democrats’ key priorities and legislative accomplishments.

The agreement represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing.

And, this agreement is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.

Over the next day, our negotiating teams will finalize legislative text and the agreement will go to the United States House and Senate. I strongly urge both chambers to pass the agreement right away.

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. And, the agreement protects my and…

— President Biden (@POTUS) May 28, 2023

Biden told reporters Friday he was “optimistic” about a deal as he headed for Camp David.

Biden: “With regard to debt limit things are looking good. Very optimistic. I hope we'll have some clear evidence tonight before the clock strikes 12 that we have a deal. Very close"
Plus: He's headed to Camp David, not Delaware, because Secret Service is bulletproofing his house pic.twitter.com/ZFePoM1UtF

— Howard Mortman (@HowardMortman) May 26, 2023

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Just before 9 p.m. EDT Saturday, 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. McCarthy posted to Twitter, “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.” A vote in the House is expected Thursday, according to Majority Leader Steve Scalise (R-LA).

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.

I'll deliver a statement at 9:10pm ET. Watch here:https://t.co/vmn31INPH5

— Kevin McCarthy (@SpeakerMcCarthy) May 28, 2023

McCarthy spoke briefly at 9:10 p.m., 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…”

House GOP Speaker Kevin McCarthy announces the debt ceiling deal will have "historic reductions in spending…no new taxes, no new government programs…" pic.twitter.com/7VWACUXrfI

— Kevin Tober (@KevinTober94) May 28, 2023

Biden and McCarthy reportedly spoke twice on Saturday, including for ninety minutes this evening.

White House says Biden spoke with McCarthy for about 90 minutes tonight. Says he also spoke with Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries in separate calls earlier today.

— Cami Mondeaux (@cami_mondeaux) May 28, 2023

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.

So what is next?

– Legislation has to be written
– House members get 3 days to read before voting (looking at a potential Tuesday evening vote)
– If it passes the House, Senate has to vote on it

All of the above has to happen before June 5th.

— Cassie Semyon (@casssemyon) May 28, 2023

Reports on the bill and from McCarthy’s conference call with House Republicans posted to Twitter by Punchbowl News reporters:

“DETAILS OF THE AGREEMENT, per source w/direct knowledge: —Two-year approps deal —No budget caps after 2025—Work requirements: no changes to Medicaid —Phases in & then sunsets (in 2030) SNAP time limits to people up to age 54 —WH pushed to reduce # of ppl subject to time limits…MORE … WHAT DEMS ARE SAYING: The deal keeps non-defense spending at around FY2023 levels. No budget caps after 2025.”

MORE … WHAT DEMS ARE SAYING: The deal keeps non-defense spending at around FY2023 levels. No budget caps after 2025.

— Andrew Desiderio (@AndrewDesiderio) May 28, 2023

MCCARTHY said on the call with House Republicans he spoke to Biden TWICE today

— Jake Sherman (@JakeSherman) May 28, 2023

McCarthy says the work requirements are "a little stronger" than what Republicans passed in the Limit, Save, Grow bill

— Jake Sherman (@JakeSherman) May 28, 2023

SCALISE said members should plan to be back by Tuesday ahead of a Thursday vote

— Jake Sherman (@JakeSherman) May 28, 2023

More to come…

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