Republican Speaker of the House Kevin McCarthy and President Joe Biden reached an agreement in principle after a series of phone calls ahead of the looming default, McCarthy said in a brief announcement late Saturday.

After months of back-and-forth and a hurried past few weeks, McCarthy and Biden cut a deal on Saturday to raise the debt ceiling that the Speaker says includes “historic reductions in spending” and “consequential reforms.”

The details of the 2-year deal were not released but the GOP leader said that they are going to write the bill tonight that meets the terms agreed to with the White House. Republican members of congress have reportedly been called to meet tonight, and Democrats

McCarthy said that the work will continue on drafting a bill, in consultation with the White House, and that the text will be released to the public on Sunday. Some details reaching the press on Saturday include that the 2-year plan includes “deficit reduction” measures as well as cuts to new spending, along with work requirements for welfare programs.

McCarthy said he expects the House to be voting on the bill by Wednesday. The White House has scheduled a briefing with House Democrats for Sunday to discuss the outlines of the agreement, Axios reports.

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 work force, 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 Garrett 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. Thank you.

This is a developing story and may be updated. Watch the clip above via Forbes on YouTube.

The post NOW: McCarthy and Biden Reach ‘Agreement in Principle’ to Raise Debt Limit With ‘Historic Reductions In Spending’ first appeared on Mediaite.

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