Washington, DC–The White House and the House Republicans today reached a tentative deal to raise the debt ceiling and avoid a catastrophic default.
President Biden issued the following statement regarding the agreement in principle:
Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle.
It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and Congressional Democrats’ key priorities and legislative accomplishments.
The agreement represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing.
And, this agreement is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.
Over the next day, our negotiating teams will finalize legislative text and the agreement will go to the United States House and Senate. I strongly urge both chambers to pass the agreement right away.