House Democratic Leader Hakeem Jeffries, DN.Y., told his caucus in a letter Sunday that President Joe Biden and House Speaker Kevin McCarthy will talk this afternoon to complete the ceiling deal. of the debt, and then the Republicans will publish the legislative bill.
Negotiators reached an agreement in principle late Saturday to extend the debt ceiling and avoid 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. The administration is also set to brief the House Democratic Caucus on the deal at 5 p.m.
“I hope that over the next few days there will be multiple opportunities to review and discuss the legislation with the Biden administration ahead of any scheduled midweek vote by House Republicans,” he wrote.
The tentative deal, which is expected to increase the country’s borrowing authority in exchange for spending cuts, was reached after weeks of negotiations, led by Biden and McCarthy. Once the legislative language is finalized, it will have to be approved by both the GOP-led House of Representatives and the Democratic-controlled Senate.
A source familiar with the deal told NBC News that it includes a two-year appropriations agreement and a two-year debt limit extension, effectively resolving the issue until after the 2024 election. It will include work requirements for federal aid as SNAP for Americans age 54 and under, with exceptions for the homeless and veterans. But «there will be no change to Medicaid,» the source added.
In an interview on «Fox News Sunday,» McCarthy said «more than 95% of everyone at the conference» supports the tentative deal and members are «very excited.»