BREAKING: Democrats and Republicans reach agreement in principle over debt ceiling

An initial agreement has been reached by Biden and Kevin McCarthy on the debt ceiling

An initial agreement has been reached by Biden and Kevin McCarthy on the debt ceiling, as reported first by Fox News.

Multiple sources indicate that a conference call involving all GOP House members is scheduled for 9:30 pm. on Saturday to discuss the negotiations on the debt limit. 

President Biden and House Speaker Kevin McCarthy were set to have a phone conversation at 6 p.m. on Saturday to explore the possibility of reaching a deal on the debt ceiling.

The call regarding the debt limit concluded at 7:38 pm. after lasting approximately 90 minutes. Additionally, it was revealed that Biden had spoken with Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries.

This revelation followed McCarthy's earlier optimistic remarks, where he informed reporters that no deal had been reached yet, but progress had been made through extensive discussions, which had continued into the early morning hours and resumed afterward.

"We do not have a deal," McCarthy told reporters earlier in the day. "We are not there yet. We did make progress, we worked well into early this morning. And we're back at it now."

Biden also expressed early optimism today.

This is a breaking story and will be updated.

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