House Republicans and the White House have reportedly reached an agreement in principle to avoid default, according to sources

A members call was held at 9:30pm as the government attempts to raise the $31.4 trillion debt ceiling

House Speaker Kevin McCarthy and President Biden spoke on the phone earlier in the night for about 90 minutes with McCarthy addressing the press too

U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate.

The deal would avert an economically destabilizing default, so long as they succeed in passing it through the narrowly divided Congress before the Treasury Department runs short of money to cover all its obligations, which it warned Friday will occur if the debt ceiling is not raised by June 5.

House Speaker Kevin McCarthy came out of negotiations to address the press on Saturday night at 9:15pm.