host: president biden at house speaker kevin mccarthy came to a late night agreement last night on raising the debt ceiling and capping federal spending. rollcall has a story this morning that is going to talk a little bit about what is in the deal. let me read to you from the story from roll call this morning. house gop leaders reach a tentative deal with president joe biden saturday night to lift the debt ceiling in a long-awaited breakthrough that could avoid an economic crisis if congress passes it next week. details have not been made public yet, but we are starting

to trickle out. as described by sources familiar , the nations borrowing cap would be suspended until january 1, 2025, avoiding another market rattling fight during election year. quote we have come to an agreement in principle, speaker my kevin mccarthy -- speaker kevin mccarthy announced shortly after 9:00 p.m. we still have a lot of work to do, but i believe this is an agreement that is worthy of the american people. we brought you mccarthys comments at the top of the show, but we want to bring you his full comments he made after reaching this agreement. here is speaker kevin mccarthy. speaker mccarthy: i just got off the phone with the president, i talked with him twice today. after weeks of negotiations, we have come to an agreement in principle. we still have a lot of work to do, but i believe this is worthy of the american people.

it has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, rain and government overreach. no new taxes, no new government programs. there is more within the bill. we have more work to do tonight to finish all of the writing of it, i want to take a moment to think -- thank everyone for their work and i know you have a lot of questions. i will not take them tonight. out of respect, i want to brief our members about where we currently are. i expect to finish the writing of the bill, check in with the white house in speak with the president again tomorrow afternoon, then posting the text of it tomorrow. then be voting on it on wednesday. thank you for your time, this is worthy of the american public. host: let us go to one of the authors of that story in roll

call and find out what is exactly in the agreement. let us talk to one of the authors of the story we just read from roll call, good morning. guest: good morning. host: before we get to what is in the agreement, tell us a little bit about how biden and mccarthy capped off this long negotiation session. how did they come to any agreement? guest: there is definitely a lengthy conversation -- maybe not lengthy. intense might be the better way to put it. negotiating the debt limit up until a few weeks ago when negotiators from the white house and house republican conference started to sit down and talk. this last week has been essentially nonstop negotiations, the occasional pause speckled in here or there. both sides were under the time pressure of the x state, which

treasury secretary ellen had updated to june 5 from june 1. we were approaching a potential default of the debt if there was not movement. host: tell us the top lines on this agreement. where the major points that biden and mccarthy have agreed to and are going to ask members to vote on? guest: the biggest piece of it is the spending agreement. again, we are still waiting for additional information about what exactly is in the bill, we will see when the text comes out. but the white house is saying this takes the president's budget request for defense and veterans, which they are very happy with, they are saying other nondefense discretionary spending is roughly flat.

house republicans have said -- being cut pretty significantly, down to fiscal 2022 levels of the previous fiscal year. we will have to wait to see the text to figure it out. i think there will be budgetary maneuvers that explain the difference between the two sides spending issue. there are six years laid out, only the first two are enforceable. 2024 and the new congress will have to make spending decisions. there's a variety of other issues in the legislation, including clawing back billions in covid funding, cutting funding for the irs that was established in a bill last year, increasing the age for work requirements for snap and other benefits.

some changes to permitting and the pandemic era student loan pause the biden administration has been keeping in place. host: is either cipro training this as a win, or are both -- side portraying this as a win, or both saying this is the best we can do now? guest: speaker mccarthy seems happy with the deal, president biden and the democrats are stressing it is a compromise and you have to govern. there are conservatives who do not like what they are seeing out of the deal and are vowing to fight it in the house this upcoming week. host: that was going to be my next question. what is speaker mccarthy doing to get those conservatives who have already said they hate the agreement, what is he doing to get them on his side?

or is he having to turn to house democrats to get the bill through? guest: anytime there is a major compromise agreement like this, it often does require both parties. i am definitely expecting mccarthy will need democrats to get on board with this. it does seem that with biden behind it, he will be able to get democratic support. it is extremely unlikely many house freedom caucus members who are already slamming the deal would back it, even though i am sure the republican team will make an effort to talk to them. it is very likely they will need somewhere between a small insignificant number of democrats to get on board, we will see how it plays out. host: one group no one has talked about is the senate. are we assuming the senate will go along with it and not ask for its own changes? guest: typically, the senate --

it is widely expected the senate will get on board, especially since both chuck schumer and mitch mcconnell were initially in the room for conversation, then both agreed to take a step back and let biden in mccarthy work it out. this is a bipartisan deal, it is expected to pass the senate after it passes the house. the house is a more interesting question mark at this point, though it looks like there will be enough from both parties to get this through. host: walk us through some of the roadblocks we see coming ahead. secretary yellen said june 5 is the deadline. will congress be able to push this bill through before january 5? if i'm not mistaken, the house has gone home. guest: june 5 is the deadline, the house will be called back next week and they are expected

to vote. we expect to see bill text this afternoon, it was still being worked on through the night. we will see if they can wrap it up in time. house republicans have a 72 hour rule in place, making wednesday at the earliest. but the house is expected to vote on this wednesday or thursday then move it to the senate, where things can get more authority. individual senators can drag things out a little bit. but with the threat of default in the week after this upcoming week hanging over the heads of the senate, i would expect there to be some kind of agreement to move this forward. especially when it becomes clear it will have votes to pass. host: how long do think it will be before this bill is on president biden's desk? guest: i think we will see it on the president's desk may be june 4, sunday before june 5 x date or sometime early the next week.

yellen has said he would be playing with fire a little bit if you get into that week, but i think the expectation is markets will see the deal and realize the u.s. will be -- the debt ceiling will be raised and there is not too much to worry about after we get through the procedural back and forth we see anytime there is a major agreement like this. host: final question, who are some of the house members we need to watch this week to see how quickly or how efficiently mccarthy gets the bill through? guest: i think a major group that i am interested in watching is the republican committee that has been more conservative. it is one of the largest caucuses in the republican group. moderate republicans will vote for this, the house freedom

caucus likely will not. we will have to see if you can get them on board. that is the group i am definitely watching to see if they will back the agreement. they have been fighting to get as conservative of a deal as possible, so i am looking forward to seeing what they have to say. host: we would like to think -- thank you for coming in and help us figure out what is going on between the house and the white house, thanks for your time. guest: thanks for having me. host: we want to know what you are thinking about the late-night deal that was struck between president joe biden and house speaker kevin mccarthy. but before we go further, let us look and see what is in the bill. what are some of the provisions -- speaker mccarthy: we work through the light -- night last night and are finin