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Announcer this is cnn breaking news. Youre live in the cnn newsroom. Im jim acosta in washington, a very late Saturday Night on Memorial Day Weekend but were here for good reason. Were here in a crucial moment on debt ceiling talks. Multiple sources tell cnn that the white house and House Republican leaders have reach an agreement in principle, we should note in principle on raising the nations debt ceiling. Just ten minutes from now House Speaker Kevin Mccarthy will address reporters were told,...

>> announcer: this is cnn breaking news. youre live in the "cnn newsroom." im jim acosta in washington, a very late saturday night on memorial day weekend but were here for good reason. were here in a crucial moment on debt ceiling talks. multiple sources tell cnn that the white house and house republican leaders have reach an agreement in principle, we should note in principle on raising the nations debt ceiling. just ten minutes from now house speaker kevin mccarthy will address re...

But, look, this has been the product of a lot of work especially over the last 24 hours. over the course of the day we were in touch with white house officials who were expressing optimism about the direction of these talks. even last night president biden himself on his way to camp david saying that they were, quote, very close to a deal. so were starting to see that take shape. now, the timing is critical. just yesterday right before president biden went to camp david we also learned from the ...

Economy unless there were major concessions, some sort of ransom paid next year, i dont know what it would take for either side or for that matter both sides to claim victory and to walk away and say, okay, were happy with the deal that we got. so absolutely very good thing that the debt limit has been extended or will knock on wood we think will be extended for the next couple of years. ideally i think we should get rid of it altogether, but thats a separate issue. i would mention, though, base...

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Political trouble as he appears to be in right now. >> yeah, thats right. this all could have been avoided if ken paxton just resigned from of office. right, if he just felt basic shame for what hes done. but he doesnt feel shame. in fact, hes shameless. and he thinks his political friends including former president trump will protect him. the texas house on a bipartisan basis republicans and democrats just showed thats not going to work this time, that we are going to hold him accountable for h...

Do, but i believe this is an agreement in principle thats worthy of the american people. it has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, rein in government overreach. there are no new taxes, no new government programs. theres a lot more within the bill. we still have more work to do tonight to finish all the writing of it. i do want to take a moment, though, i do want to thank garret graves and patrick mcenry for all their wo...