Speaker McCarthy announced tonight that he and Biden reached an “agreement in principle” on raising the debt ceiling.

“I believe this is an agreement in principle that’s worth of the American people,” said McCarthy, saying there are no new taxes and no new government programs in the bill that the Republicans will craft tonight using the outlines of a deal that he and Biden agreed to.

Republicans are meeting as we speak to craft the bill.

This is a developing story and may be updated.

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