President Biden and House Speaker McCarthy reach tentative deal on debt ceiling

WASHINGTON, D.C. (NBC, KYMA/KECY) - President Joe Biden and Republican House Speaker Kevin McCarthy have reached a tentative agreement on a debt ceiling deal.

That's according to Speaker Mccarthy, who says they've come to an agreement in principle that is "worthy of the American people."

"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," McCarthy detailed.

Treasury Secretary Janet Yellen has warned that without an increase to the U.S. government's $31 trillion debt ceiling by June 5th, the government would run out of cash to pay its bills.

Republicans have demanded that any deal must cut federal spending.

McCarthy talked about the deal Saturday, saying he planned to post the text of the bill on Sunday, and then have a vote on the bill on Wednesday.