Update:
McCarthy said that the House will vote on Wednesday and that the text of the debt ceiling agreement will be available to members on Sunday.
"I expect to finish the writing of the bill, checking with the White House and speaking to the president again, tomorrow afternoon and then posting the text of it tomorrow," McCarthy said. "It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, reign in government overreach. There are no new taxes, no new government programs. There’s a lot more within the bill."
An agreement between Republicans and Democrats has been reached regarding the looming debt ceiling crisis.
According to sources, President Joe Biden and House Speaker Republican Kevin McCarthy (R-Calif) reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling, ending months-long discussions.
Biden also reportedly spoke with Democrat Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries.
Details were not entirely clear, however, negotiators reportedly agreed to cap non-defense discretionary spending at 2023 levels for two years, in exchange for a debt ceiling increase over a similar period.
One source had doubts that the agreement would be final.
"But, I'm not sure it's completely settled. It might be one or two small things they need to finish. But close enough to move forward," the source said.
Biden and McCarthy reportedly had a 90-minute phone call on Saturday evening to discuss the deal.
"We do not have a deal," McCarthy told reporters earlier. "We are not there yet. But, we did make progress; we worked well into early this morning. And we're back at it now."
McCarthy said that House Republicans will have 72 hours to view debt ceiling deal before they vote on it. If the agreement is released tonight, the clock will start ticking. A House vote to raise the debt ceiling could come as early as Tuesday evening.
A call between all GOP House members is scheduled to happen at 9:30 p.m. about the debt limit negotiations.
The Treasury Department warned on Friday that the U.S. could run out of money if the debt ceiling is not raised by June 5.