Biden, McCarthy will reach debt ceiling deal on Sunday, Jeffries tells Democrats

House Democratic Leader Hakeem Jeffries, DN.Y., told his caucus in a letter on Sunday that Speaker Joe Biden and Speaker Kevin McCarthy would speak this afternoon to seal the deal on the cap. the debt, then the bill would be released by the Republicans.

Negotiators reached an agreement in principle on Saturday evening to extend the debt ceiling and avoid a catastrophic default. The legislative text for the bill will be prepared by Republicans and reviewed by the Biden administration before being finalized, Jeffries said in the letter to Democrats.

Biden and McCarthy are expected to speak no later than 2 p.m. and “shortly thereafter, the text of the legislative bill will be released by House Republicans and made available to the House, Senate and the American people.” “Said Jeffries, adding that senior members of the Biden administration are also expected to notify the House Democratic Caucus of the deal at 5 p.m.

“I expect that over the next few days there will be multiple opportunities to review and discuss the legislation with the Biden administration ahead of any mid-week vote expected by House Republicans.” , he wrote.

The tentative deal, which is expected to boost the country’s borrowing power in return for spending cuts, was reached after weeks of negotiations, led by Biden and McCarthy. Once the legislative language is finalized, it will need to pass both the GOP-led House and the Democratic-controlled Senate.

A source familiar with the deal told NBC News that it includes a two-year credits agreement and a two-year debt limit extension, effectively resolving the issue until after the 2024 election. It will include work requirements for federal assistance like SNAP for Americans up to age 54, with exceptions for the homeless and veterans. But there will be “no change to Medicaid,” the source added.

In an interview on “Fox News Sunday”, McCarthy said that “over 95% of all conference attendees” support the tentative agreement and that members are “very excited”.