abc's jay o'brien is standing by on capitol hill.begin with abc's elizabeth schulze from the white house. >> reporter: with the world's most powerful economy at stake, president biden and house speaker kevin mccarthy spray striking a deal to prevent the u.s. government from running out of cash to pay its bills. >> president biden: the agreement prevents the worst possible crisis, a default for the first time in our nation's history. >> reporter: biden and mccarthy clinching an agreement that would lift the nation's 31 trillion-dollar debt ceiling for two years to the 2024 presidential election. while also placing new restraints on federal spending. the 99-page bill released late tonight both leaders admit they made compromises. >> it does not get everything everybody wanted. that is in divided government. >> reporter: sources tell abc news the budget deal keeps most federal spending roughly flat next year raising it by one person in 2025. defense spending would increase. also included, new work requirements, putting time limits on ho

here is abc news reporter jay o'brien. >> just days before potentially catastrophic u.s. default house speaker kevin mccarthy announced saturday evening republicans had come to an agreement in principle with president biden to raise the debt limit. in a statement the president calling it an important step forward and a compromise. the president speaking with mccarthy sunday afternoon to review the finalized language of the legislation. >> make sure all the t's are crossed in the eyes are dotted we are in good shape. >> mccarthy praising the deal calling it good for the american people. >> it does not get everything everyone wanted but in divided government that is where we end up. i think it is a positive bill. >> after the tentative agreement was reached white house officials began calling democrats to sell them on the deal. in a letter to fellow house democrats minority leader hakeem jeffries said the text of the legislative bill would be available for their review shortly after mccarthy and the president spoke sunday afternoon, telling cbs -- >> i do expect that there

here is abc news reporter jay o'brien. >> just days before potentially catastrophic u.s. default house speaker kevin mccarthy announced saturday evening republicans had come to an agreement in principle with president biden to raise the debt limit. in a statement the president calling it an important step forward and a compromise. the president speaking with mccarthy sunday afternoon to review the finalized language of the legislation. >> make sure all the t's are crossed in the i's are dotted we are in good shape. >> mccarthy praising the deal calling it good for the american people. >> it does not get everything everyone wanted but in divided government that is where we end up. i think it is a positive bill. >> after the tentative agreement was reached white house officials began calling democrats to sell them on the deal. in a letter to fellow house democrats minority leader hakeem jeffries said the text of the legislative bill would be available for their review shortly after mccarthy and the president spoke sunday afternoon, telling cbs -- >> i do expect that there w

for more, jay o'brien is on capitol hill with the latest. >> michael, good morning. president biden and speaker mccarthy making the hard sell to lawmakers in their parties to back this deal. a top house gop source telling me that moderate democrats are expected to play a crucial role in passing this legislation especially after several republicans have already come out against it. sources tell abc news a small group of house republicans returned early here to dc to drum up support to pass this bill. meantime at the white house, senior administration officials called several congressional democrats immediately after this agreement was announced and held virtual briefings for other democrats last night. now, if this bill passes the house on that wednesday planned vote, it will immediately go to the senate or could immediately go to the senate by that same day at the earliest. senate minority leader mitch mcconnell saying he agrees and supports to steal in a statement i. he is calling on his chamber to pass it "swiftly." there are, though, concerns about procedural road

o'brien on nbc. these combatants join "the tonight show with jay leno," "arsenio," and "nightline." >> it became a crowdedin the third corner, his ratings fading rapidly, arsenio hall. some tv writers think that arsenio could be the big loser in this free for all. >> when letterman came in, it essentially diluted arsenio's brand, because there were so many alternatives. >> i'm sad to see you go, because america is going to have a big chunk missing out of its existence. >> losing arsenio -- yeah, it was bad. he was the lone voice, gone. >> david letterman had the suits at nbc pausing for a moment. did we make the right choice? because he came out gangbusters and he was beating jay leno in the ratings. >> there's some people who say you blew it, that by picking leno to replace carson over letterman, that that was a big programming mistake. >> it was a shaky start. a really, really shaky first season start. >> well, it's true confessions time for actor hugh grant, who's trying hard to put his recent encounter with a hollywood prostitute behind him. >> when hugh grant was arrested, it was big, live action new