Biden and McCarthy to complete debt ceiling agreement Sunday

Date:

The text of the bill will be prepared by Republicans and reviewed by the Biden administration, House Democratic Leader Hakeem Jeffries said in a letter to his caucus.

House Democratic Leader Hakeem Jeffries told his caucus in a letter Sunday that President Joe Biden and Speaker Kevin McCarthy will speak this afternoon to complete the debt ceiling agreement, and then the legislative bill will be released by Republicans.

Negotiators struck an agreement in principle Saturday night to extend the debt ceiling and avert a catastrophic default. The legislative text of the bill will be prepared by Republicans and reviewed by the Biden administration before it is 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 legislative bill text will be released by House Republicans and made available to the House, Senate and American people,” Jeffries said, adding that top members of the Biden administration are also set to brief the House Democratic Caucus on the deal at 5 p.m.

“It is my expectation that over the next several days, there will be multiple opportunities to review and discuss the legislation with the Biden administration in advance of any midweek vote scheduled by House Republicans,” he wrote.

The tentative agreement, which is expected to raise the country’s borrowing authority in exchange for cuts to spending, was struck after weeks of negotiations led by Biden and McCarthy. Once the legislative language is finalized, it will have to pass both the GOP-led House and Democratic-controlled Senate.

A source familiar with the agreement told NBC News it includes a two-year appropriations deal and a two-year debt limit extension, effectively resolving the issue until after the 2024 election. It’ll include work requirements for receiving federal aid under the Supplemental Nutrition Assistance Program, or SNAP, for Americans up to 54 years old, with exceptions for homeless people and veterans. But there will be “no changes to Medicaid,” the source said.

In an interview on “Fox News Sunday,” McCarthy said “more than 95% of all those in the conference” supports the tentative deal and members are “very excited.

From Axios:

Details: The deal between Biden and McCarthy — who spent 90 minutes on the phone Saturday evening — would raise the debt ceiling until January 2025 in exchange for spending cuts and deficit reduction measures, according to sources familiar with the negotiations.

  • Spending: Non-defense discretionary spending would be kept roughly flat in 2024, with a 1% increase in 2025 and no caps on growth afterward.
  • Welfare work requirements: Changes to Temporary Needy Assistance for Needy Families (TANF) and phased-in time limits for Supplemental Nutrition Assistance Program (SNAP) recipients under age 54 until 2030. Medicaid is unchanged.
  • Defense: The plan includes $885 billion Biden sought in his 2024 budget proposal, up from just under $800 billion in the 2023 budget. Veterans Affairs spending also would be increased.
  • Permitting reform: Streamlines the environmental review process to speed up approval for new energy projects.
  • COVID aid: Claws back $29 billion in unspent COVID aid.
  • IRS funding: Rescinds $1.9 billion of the $70 billion in funding for new Internal Revenue Service agents in the Inflation Reduction Act.

What’s next: McCarthy told reporters that legislative text will be released on Sunday in preparation for the House voting on Wednesday.

Sources: Biden and McCarthy to complete debt ceiling agreement Sunday, Jeffries tells Democrats (nbcnews.com)

White House and GOP reach tentative debt ceiling deal (axios.com)

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