Video: Biden and McCarthy Reach Debt Ceiling Agreement

I just got off the phone with the president. I talked to him twice today. And after weeks of negotiations, we have come to an agreement in principle. We still have a lot of work to do, but I believe this is an agreement in principle that’s worthy of the American people. It 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. I do want to take a moment, though. I do want to thank Garret Graves and Patrick McHenry for all their work on this and for all the work that we’re going to continue to do tonight. I know you’ll have a lot of questions. I’m not going to take them tonight. Out of respect, I want to brief our members about where we currently are. 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 and then be voting on it on Wednesday. But Thank you for your time. And I think this is very worthy of the American public.