House Speaker Kevin McCarthy (R-CA) is holding a press conference to answer questions about the tentative deal he reached with President Joe Biden over the debt ceiling.

The house speaker hailed the deal as reigning in a "new day in Congress," and said that it shows Republicans are "changing the direction of Washington."

"It's a new day in Congress. Republicans are changing the direction of Washington with a responsible debt limit that cuts spending, re-establishes work requirements, and claws back tens of billions in unspent COVID funds," McCarthy tweeted when announcing the press conference.