(The Center Square) – U.S. Speaker of the House Kevin McCarthy said he has come to an “agreement in principle” with President Joe Biden about raising the U.S. government’s debt ceiling.
McCarthy made his announcement Saturday evening and said he expected to have the bill completed on Sunday and have a vote on it by Wednesday. He didn’t provide many details.
“I just got off the phone with the president a bit ago,” McCarthy tweeted. “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 said in a press conference the new deal would include a historic reduction in spending with no new taxes and no new government programs.
Treasury Secretary Janet Yellen said the deadline for the debt ceiling to be raised was June 5. If negotiations went past that date, Yellen said the government wouldn’t have enough money to pay all of its bills, according to NPR.
The debt ceiling is the maximum amount of debt the U.S. Department of the Treasury can issue.
