What we know about a deal so far
- President Joe Biden, House Speaker Kevin McCarthy and their negotiators have reached a tentative agreement to raise the debt ceiling
- A source familiar with the agreement said it includes a two-year appropriations deal and a two-year debt limit extension, effectively resolving the issue until after the 2024 election. It'll include work requirements for federal aid like SNAP for Americans up to 54, with exceptions for homeless people and veterans.
- The deal still has to be converted into legislative language and pass both the Republican-led House and Democratic-controlled Senate
- Republicans had demanded that any deal must cut federal spending
- Treasury Secretary Janet Yellen has repeatedly warned that without an increase to debt ceiling, the United States could run out of cash to pay the bills. On Friday, she said the deadline was now June 5
Live coverage of the debt ceiling negotiations continue here
Key House Republican praises debt deal
Rep. Dave Joyce, R-Ohio, chair of the Republican Governance Group, one of "Five Families" in the House GOP conference said he's "glad" that Biden and McCarthy "were able to come to an agreement that puts our country first."
"Speaker McCarthy championed responsible policy, incorporating key economic and permitting reforms while limiting spending, and rescinding COVID funds. The Speaker keeps making government work better for every day for every American," he added.
Jim Jordan seems to praise deal's cuts on House GOP call
Rep. Jim Jordan, R-Ohio, seemed to praise the deal's spending cuts in a call with other House Republicans.
Jordan said he still wants to "see final language," according to a source on the call, but added, "If I understand, for first time in U.S. history, we’re spending less money than the year before. That seems like a pretty darn good deal to me.”
McCarthy speaking to White House again after GOP call: source
McCarthy told Republican lawmakers that after he outlined the contours of the deal to them, he was going to speak with the White House again around 10:30 p..m., according a source on the GOP member call.
McCarthy defends deal: 'We cut the woke out'
Addressing one voice of criticism on the call between Republican leaders and members, Speaker McCarthy defended the agreement with the White House.
In addition to work requirements for assistance programs like food stamps and capping government spending, according to a source on the call, McCarthy told his members: "We cut the woke out."
Moderate Rep. Bacon says deal is 'reasonable and responsible'
Moderate Rep. Don Bacon, R-Neb., praised the deal, saying in a text message: “There are a dozen areas of agreement that are improvements from where we’re at now. This is a reasonable and responsible handshake that cuts spending and does not raise taxes.”
U.S. Chamber of Commerce urges lawmakers to pass the deal
The U.S. Chamber of Commerce, the head of the largest business lobbying group in Washington, praised news of a deal — and urged members of Congress to pass it.
In a statement, the Chamber warned lawmakers that it viewed this as a "key vote," or a measure used to determine whether its political arm would support members for re-election.
"Americans deserve a government that works," Suzanne Clark, the group’s president and CEO, said. "With the news of a deal to avert a debt ceiling crisis, the President and congressional leaders have shown they can come together on a bipartisan basis and act in the best interests of our country."
Biden on deal: 'Not everyone gets what they want'
President Biden — who is at Camp David — took to Twitter to comment on the tentative deal.
"The agreement represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing," he wrote.
"It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone."
Committee for a Responsible Federal Budget praises deal
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, praised the agreement, calling it "the first major deficit-reducing budget agreement in almost a dozen years."
"This agreement came too late, but better late than never," MacGuineas said in a statement Saturday night. "The House and Senate should move quickly to make sure we reduce deficits and raise the debt limit in a timely manner. Then, they should work to build on this success. The process was tense, risky and ugly, but in the end, we have a plan to enact savings and lift the debt ceiling, and that is what is needed."
Conservative critics quickly emerge
McCarthy was always at risk of losing the hardliners in his caucus if he cut any kind of deal with Biden.
Rep. Bob Good, R-Va., tweeted what he said he was hearing about the deal — and said he would be against it.
Deal would would fully fund medical care for veterans, including toxic burn pit benefits
The deal with fully fund medical care for veterans, according to a Democratic source familiar with the negotiations, including funding for the PACT Act, a law signed last year that provides health care benefits for veterans exposed to toxic burn pits.
Veterans groups had called out Republicans for not specifying in their debt ceiling bill that the toxic burn pit funds would be protected, warning that broad cuts to federal spending could endanger the new program.