(The Center Square) – U.S. Speaker of the House Kevin McCarthy says he has come to an “agreement in principle” with President Joe Biden about raising the U.S. government’s debt ceiling.
McCarthy made the announcement Saturday night and said the bill will be completed on Sunday and have a vote on it by Wednesday. He didn’t provide many details.
“I just got off the phone with the president a bit ago,” McCarthy tweeted. “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.”
McCarthy said in a press conference the new deal would include a historic reduction in spending with no new taxes and no new government programs.
The debt ceiling is the maximum amount of debt the U.S. Department of the Treasury can issue.
Tom Gantert worked at many daily newspapers including the Ann Arbor News, Lansing State Journal and USA Today. Gantert was the managing editor of Michigan Capitol Confidential for five years before joining The Center Square.