Debt ceiling deal will probably be ‘transformational’ for Americans, McCarthy says

House Speaker Kevin McCarthy said Sunday that the tentative deal House Republicans have reached with the White House to handle the nation’s debt ceiling will probably be “transformational” for the American public.

McCarthy told reporters that negotiators worked through the night to finalize details of the agreement, and that they’ve tried to maintain the bill around 150 pages to make it easier for members of Congress and the general public to digest. President Joe Biden and McCarthy are scheduled to talk at 2 p.m. ET Sunday to make sure either side agree on the bill’s language, McCarthy said.

“We all know at any time if you sit and negotiate inside two parties that you just started working with either side of the aisle,” McCarthy said. “So it isn’t 100% for what everybody wants, but if you look, the country goes to be stronger.”

Once the deal is finalized, it must go through Congress and receive Biden’s signature with a view to avoid a catastrophic default on U.S. sovereign debt. Treasury Secretary Janet Yellen warned that failing to boost the debt ceiling by early June could end in “economic chaos.”

McCarthy said Sunday that he thinks Republicans will support the bill, and assuming Biden grants his approval, he expects Democrats will probably be supportive as well. McCarthy also praised Biden and his staff for the way they conducted themselves in the course of the tense negotiations.

“I believed his team was very skilled, very smart, very tough at the identical time,” he said.

Some House Republicans, like Rep. Chip Roy of Texas, have been vocal critics of the deal on social media. Roy wrote in a tweet Sunday that he’s “going to try” to stop the bill from passing within the House.

McCarthy on Sunday encouraged members of Congress to read the bill when it’s released before taking a stance.

“Let’s let the members actually read the bill before they make a call to go forward,” he said.