JUST IN: Biden, McCarthy Reach Final Agreement on Debt Limit to Avert Default

House Speaker Kevin McCarthy and Joe Biden on Sunday reached a final agreement on the debt limit to avert a government default.

Congress must now approve of the final bill before the June 5 deadline.

“With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement on a deal to raise the nation’s debt ceiling, according to a person familiar with the situation.” the AP reported.

BREAKING: With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement on a deal to raise the nation’s debt ceiling, according to a person familiar with the situation. https://t.co/xD1TndAUqD

— The Associated Press (@AP) May 28, 2023

On Saturday, McCarthy announced an “agreement in principle” with Joe Biden on a deal to raise the federal debt ceiling.

McCarthy posted to Twitter, “I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.”

A vote in the House is expected Thursday, according to Majority Leader Steve Scalise (R-LA).

Now, the deal includes keeping a portion of the $80 billion increase in IRS funding and the 87,000 additional agents tasked with going after middle-class families.

Only $1.9 billion of the $80 billion to fund 87,000 IRS agents were removed from the budget.

“Of the $80 billion Democrats appropriated to the IRS over ten years, the “deal” rescinds $1.9 billion. You read that right. That’s the kind of “get” that’s so good McCarthy agreed to increase the debt ceiling $4 trillion,” said Rep. Dan Bishop (R-NC).

McCarthy earlier Sunday defended offering a higher debt ceiling in exchange for increased government spending.

“We let government grow, but at a slower rate,” McCarthy said on Fox News Sunday with Shannon Bream.

WATCH:

.@SpeakerMcCarthy defends offering a higher debt ceiling in exchange for increased govt spending: “We let government grow, but at a slower rate” pic.twitter.com/ZErpivTNhY

— Tom Elliott (@tomselliott) May 28, 2023

DEVELOPING…please check back for updates.

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