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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 SpeakerKevin 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 briefin ....
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 ....
But, look, this has been the product of a lot of work especially over the last 24 hours. over the course of the day we were in touch with white house officials who were expressing optimism about the direction of these talks. even last night president biden himself on his way to camp david saying that they were, quote, very close to a deal. so we re starting to see that take shape. now, the timing is critical. just yesterday right before president biden went to camp david we also learned from the treasury secretary that firm june 5th date when nation would no longer be able to meet its obligations and in other words run out of cash. so this has been a really critical 24-hour time frame for this white house as they worked with hill negotiators, and as the president stayed engaged from camp david as sources have told us. so, again, learning more and more about these details, and i m sure manu will have more from the house speaker as well soon. i m sure he will. let s go to manu raju up ....
Economy unless there were major concessions, some sort of ransom paid next year, i don t know what it would take for either side or for that matter both sides to claim victory and to walk away and say, okay, we re happy with the deal that we got. so absolutely very good thing that the debt limit has been extended or will knock on wood we think will be extended for the next couple of years. ideally i think we should get rid of it altogether, but that s a separate issue. i would mention, though, based on some of the reporting not all reduction act measures have been protected. some reporting suggests some of the funding for the irs has been clawed back or will be clawed back. i had heard something catherine, i hate to do this to you. i ve got to break in because speaker mccarthy is at the microphones. after weeks of negotiations we have come to an agreement in principle. we still have a lot of work to ....
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