GOP and White House reach tentative debt ceiling agreement.

White House and GOP Reach Tentative Agreement on Debt Ceiling

The White House and Speaker Kevin McCarthy (R-CA) have come to a tentative agreement over the debt ceiling, taking the first step to overcome a major hurdle to avoid a default on the country’s loans, a source familiar confirmed to the Washington Examiner.

Finally, some good news! After weeks of negotiations, the White House and GOP have reached a tentative agreement on the debt ceiling. This is a crucial step in avoiding a default on the country’s loans, which would have disastrous consequences for the economy.

Details of the Agreement Still Unknown

While the details of the agreement are not yet known, GOP leaders are expected to hold a conference call with House members to discuss the deal. Speaker Kevin McCarthy spoke with President Joe Biden for 90 minutes on Saturday night to iron out remaining issues and finalize the deal.

McCarthy said, “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.”

Next Steps

The bill is expected to be finished overnight and available for review on Sunday morning. The House will vote on Tuesday, but party leaders on both sides of the aisle must work to whip enough support within the House to get the legislation past the finish line.

Members of the Congressional Progressive Caucus have said they don’t want any work requirements in the debt ceiling bill and have pushed for a clean debt ceiling increase. Meanwhile, members of the House Freedom Caucus have said they want to see a litany of conservative priorities in the bill, including spending cuts, border security measure, and funding reductions for some federal agencies.

Before a deal had been made on Saturday, the House Freedom Caucus posted on Twitter with the hashtag #HoldTheLine, urging McCarthy not to accept a watered down version of the “Limit, Save, Grow Act.”

The Clock is Ticking

The clock is ticking for Congress to advance the legislation before the so-called “X-date” on June 5, which is the day the country is expected to no longer be able to pay off its debts. Treasury Secretary Janet Yellen updated the deadline from her initial projection of June 1, buying lawmakers four extra days to finalize an agreement and get a bill passed before a possible default.

Let’s hope that Congress can come together and pass this crucial legislation before it’s too late.