Biden and McCarthy have reached a debt ceiling deal in principle

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House Republicans have reached a tentative deal with the White House to address the nation’s debt ceiling and avoid a catastrophic default on U.S. sovereign debt, NBC News reports.

Three Republican sources say there is a tentative agreement between Republicans leadership and the White House on a debt ceiling deal, and that the contours of the agreement will be relayed to GOP members on an all-member call happening shortly, according to NBC News.

A senior democratic aide familiar with negotiations told NBC News a deal is “very close” and could be announced as soon as tonight or tomorrow morning. Another democratic aide says “we are dotting the i’s and crossing the t’s.”

An all-member call for Democrats is currently not planned at this time but it is possible that a call gets scheduled tonight, according to one Democratic aide.

The deal comes after more than a week of urgent talks between negotiators for the White House and House Republicans.

It also marks the start of a lobbying blitz by House and Senate leaders in both parties to convince their members to vote for the package, which will need to win enough votes in the GOP-controlled House and Democratic-held Senate to raise the U.S. debt ceiling in time to meet a June 5 deadline.

At least one senator, Utah Republican Mike Lee, has already threatened to use procedural maneuvers in the Senate to hold up a debt ceiling bill for as long as possible if he doesn’t like what it contains.

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