The “agreement in principle” clinched by House Republicans and the White House late Saturday to raise the nation’s borrowing limit was the culmination of mad-dash negotiations over the course of the past week that regularly stretched late into the night.
But the marathon is far from over, and there is still little certainty the nation will avoid a default as both parties now work to consolidate support around the emerging package.
“No one claiming to be a conservative could justify a YES vote,” wrote Rep. Bob Good, Republican of Virginia, on Twitter. “The agreement represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing,” Biden wrote in a statement late Saturday, saying the agreement “protects my and congressional Democrats’ key priorities and legislative accomplishments.”Speaking late Saturday, McCarthy said text of the package would be finalized by Sunday, setting up a required 72-hour period for members of Congress to review the bill.
Republicans in the conservative House Freedom Caucus have already warned they are prepared for a furious battle if they consider the compromise a major retreat from the Republican position. Ahead of the deal’s announcement, they raised alarms over the length of the proposed debt ceiling hike and the push to roll back spending to 2023 levels, when many wanted to cap spending at 2022 levels.
The agreement in principle reached by the White House and House Republicans will lift the debt limit for two years and roughly cap non-defense spending to current fiscal year levels for 2024 and 2025, according to a source familiar with the negotiations.
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