Hardliners are balking at the deal, sources say
Conservative members of Congress in both the House and Senate, along with conservative outside groups, are plotting ways to gum up passage of the bill or add amendments to make it more appealing to hardliners, a source familiar with the talks said.
A Republican aide said late tonight that conservatives are on edge and pessimistic about the agreement as they await more details from Speaker McCarthy.
Deal would avoid another government shutdown until after the next election
If passed, tonight's deal will not only extend the debt ceiling, but it also includes an agreement to fund the government for the next two years, according to a Democratic source familiar with the negotiations.
That would mean Congress will bypass a government shutdown fight that was expected to happen this fall and kick the next funding fight past the 2024 elections.
Democrats to be briefed on deal at 5 p.m. Sunday
Democrats will be briefed by White House officials in a virtual meeting on Sunday at 5 p.m., according to a notice that was circulated and obtained by NBC News.
McCarthy says the deal includes 'historic reductions in spending'
McCarthy refrained detailing the agreement, saying he wants to talk to his members first.
But he offered a brief summary: "It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, reign in government overreach. There are no new taxes, no new government programs. There’s a lot more within the bill."
House will vote Wednesday to raise the debt ceiling, McCarthy says
Text of the debt ceiling agreement will be available to members tomorrow, McCarthy said at in a brief presser just now, and the House will vote on it on Wednesday.
"I expect to finish the writing of the bill, checking with the White House and speaking to the president again, tomorrow afternoon, and then posting the text of it tomorrow," he said.
McCarthy says there is 'still a lot of work to do'
Speaker McCarthy gave brief remarks announcing an "agreement in principle" but warned, "we still have a lot of work to do."
72-hour clock could start tonight, with deadline nine days away
McCarthy has promised House Republicans that they'll have 72 hours to view any debt ceiling deal before they have to vote on it. If the agreement is released tonight, which is possible, that clock will start, leading to a House vote to raise the debt ceiling as early as Tuesday night.
The Senate can take its time in voting on legislation, however, with individual members empowered to slow down the process. Sen. Mike Lee, R-Utah, has suggested he'll do so.
Still, last week's Treasury announcement that the real deadline is now June 5 gives Congress some time to get this done.
Speaker McCarthy: 'We've come to an agreement in principle'
Speaker McCarthy took to Twitter to announce the deal, saying, "We’ve come to an agreement in principle that is worthy of the American people."
McCarthy will speak soon
McCarthy is expected to give remarks at 9:10 p.m. ET.
Biden and McCarthy reach a tentative deal to raise the debt ceiling
President Joe Biden and House Speaker Kevin McCarthy reached a tentative agreement Saturday to raise the nation’s debt ceiling in exchange for cuts to federal spending, according to three Republican sources — a deal that, if approved by Congress in time, could avert economic calamity.
Democratic sources said the final details are still being confirmed. Republican lawmakers are expected to hold a call to hear the details.