Announcer this is cnn breaking news. Youre live in the cnn newsroom. Im jim acosta in washington, a very late Saturday Night on Memorial Day Weekend but were here for good reason. Were here in a crucial moment on debt ceiling talks. Multiple sources tell cnn that the white house and House Republican leaders have reach an agreement in principle, we should note in principle on raising the nations debt ceiling. Just ten minutes from now House Speaker Kevin Mccarthy will address reporters were told, and then at the bottom of the hour Republican Leaders will brief their fellow colleagues in the gop conference on the outlines of this deal. The briefing comes after a phone call earlier this evening between mccarthy and President Biden, and cnns Priscilla Alvarez is at the white house for us. Priscilla and manu raju still with us up on capitol hill. Late night, guys. Priscilla, what can you tell us . Reporter jim, im hearing from a source close to negotiations yes House Speaker mccarthy have a
announcer: this is cnn breaking news. you re live in the cnn newsroom. i m jim acosta in washington, a very late saturday night on memorial day weekend but we re here for good reason. we re here in a crucial moment on debt ceiling talks. multiple sources tell cnn that the white house and house republican leaders have reach an agreement in principle, we should note in principle on raising the nation s debt ceiling. just ten minutes from now house speaker kevin mccarthy will address reporters we re told, and then at the bottom of the hour republican leaders will brief their fellow colleagues in the gop conference on the outlines of this deal. the briefing comes after a phone call earlier this evening between mccarthy and president biden, and cnn s priscilla alvarez is at the white house for us. priscilla and manu raju still with us up on capitol hill. late night, guys. priscilla, what can you tell us? reporter: jim, i m hearing from a source close to negotiations yes ho
re-elected next. that is going to be a sticking point for republicans who want to fight this next year. mccarthy will come out in a matter of minutes and lay out why he believes this is best deal they can reach now and argue why they were forced into this position to cut spending, l deal, he will tout that. and he will tout that to his members, but, again, we ll have to see more of the details here and then they have to sell it to the members who actually have to vote for this if it were to become law. right, both sides are going to have to claim victory tonight, manu, for this process to move forward. let s talk about this with david g gergen, catherine rampell. you said we were on the virginia of something and you were absolutely right. and i suspect as manu was indicating a few moments ago both sides are going to have to
so. so that could push this into the default territory. so that s why the timing is so complicated here, and there are other delaying mechanisms that any senator who wants to object can drag things out, they can force the reading of a bill, they can object to anything on the floor of the senate because everything requires unanimous support essentially that allows the senate to operate. if not they have to go through all the motions to overcome the delaying tactics. i suspect with a default looming that we will not get to that point if the votes are there to pass it, but you never know. it s a bumpy ride to get legislation through particularly in the united states senate and particularly on an issue this significant. yeah, lots of bumpy rides these days. all right david gergen, catherine rampell, priscillaal alvarez, and manu raju, really appreciate it. thanks for all the insights and reporting this evening and from
which is why typically something like this needs to be hammered out over months of time and take weeks through the house and senate. they re trying to do this in a matter of days which is why it s so complicated and every hour is so significant. now they ve got to finish the writing of the text and count the votes. the next two big hurdles ahead. manu, thanks for all the hard work today. david gergen, your sense from what the speaker said. i guess he kept it brief. i guess that s the safer way to go. he kept it brief. i think he gave himself some running room with his cot squs made some points. listen, it sounded like he got the two-year extension to 2025 and how long this deal would last. that s a major, major victory for the white house those two years. there s no new major taxes according to mccarthy. there s also worker protection. from biden s point of view