Party leaders now face a race against time to strengthen the deal in Congress, with far-right Republicans and progressive Democrats criticizing the concessions made to seal the deal.
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After weeks of tense negotiations in Congress and the White House, the agreement would allow the government to increase the country's debt ceiling, preventing the world's largest economy from being unable to honor its commitments and going into default.
The deal also helps appease members of the House of Representatives who have demanded significant reductions in Biden's domestic spending agenda as a condition of avoiding a default.
“Just got off the phone with the President,” Republican House Majority Leader Kevin McCarthy tweeted Saturday night. “After he wasted time and refused to negotiate for months, we reached an agreement in principle that is worthy of the American people.”
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McCarthy said he will talk to Biden again tomorrow, and that he will oversee the final drafting of the bill, which must be approved by Congress. The House of Representatives “will vote on Wednesday,” he said.
