President Joe Biden announced on Sunday that a debt ceiling bipartisan agreement with House Speaker Kevin McCarthy (R-Calif) has taken the "threat of catastrophic default off the table."
The two finalized the deal and is expected to go to the House Wednesday evening. However, the agreement still needs approval from both chambers of Congress.
"[The deal] represents a compromise, which means no one got everything they wanted. But that's the responsibility of governing," Biden said. "The agreement prevents the worst possible crisis and default for the first time in our nation's history."
The agreement comes just days before the U.S. would have faced its first-ever default.
Biden is confident the deal would pass Congress, despite criticism from several lawmakers. McCarthy said he expects over 95 percent of House Republicans to vote for the 150-page bill.
"I strongly urge both chambers to pass that agreement," Biden continued. "Let's keep moving forward."
When asked what he would say to members of the Democratic Party who said he needed to make compromises, Biden said," They'll find I didn't."
On Saturday, Democrats and Republicans came to a tentative agreement in principle to extend the country's borrowing authority in exchange for cuts in spending. However, the text will need to be reviewed by the Biden Administration before it is finalized. McCarthy promised lawmakers he would not post any bill for 72 hours before voting.
In a letter to Democrats, Senate Majority Leader Chuck Schumer (D-N.Y.) told senators to prepare for potential votes Friday and the following weekend.
Conversely, McCarthy told Senate Minority Leader Mitch McConnell (R-KY) that he would be briefing Senate Republicans on a conference call soon.
In a memo addressed to House Republicans, titled "The Fiscal Responsibility Act," said that "Republicans will restore fiscal sanity and hold Washington accountable."
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