An agreement has been reached between the House Democrats and Republicans about the debt limit situation, after weeks of negotiations. The final agreement allowed for an increase in the debt limit to prevent the U.S. from defaulting on it’s debt as well as a cut in spending.
“We still have a lot of work to do. But I believe this is an agreement in principle that’s worthy of the American people. It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, rein in government overreach. There are no new taxes, no new government programs. There’s a lot more within the bill,” McCarthy said in a statement.
“I just got off the phone with the president a bit ago. 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,”.