An agreement in principle was reached Saturday between House Republican leaders and the White House that would prevent the government from breaching debt ceiling and failing to meet all its obligations.
The deal would claw back some unspent COVID-19 pandemic funds and provide a cut from funding granted the IRS in President Biden’s Inflation Reduction Act, multiple sources told Fox News and Fox News Digital. It would also suspend the debt limit until after the 2024 presidential election, sources said.
House Speaker Kevin McCarthy said the deal includes cuts and language aimed at reducing the government’s footprint. He said the text of the deal should be out by Sunday, and that he hopes the House can vote on it by Wednesday.
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