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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, and then at the bottom of the hour Republican Leaders will brief their fellow colleagues in the gop...

>> announcer: this is cnn breaking news. you're live in the "cnn newsroom." i'm jim acosta in washington, a very late saturday night on memorial day weekend but we're here for good reason. we're 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 nation's debt ceiling. just ten minutes from now house speaker kevin mccarthy will address reporters we're told, and then at the bottom of the hour republican leaders will brief their fell...

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 we're 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 treasury secretary that firm june 5th date when nation would no longer be able to meet its obligati...

Economy unless there were major concessions, some sort of ransom paid next year, i don't know what it would take for either side or for that matter both sides to claim victory and to walk away and say, okay, we're 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 that's a separate issue. i would mention, though, based on some of the reporting not all reduction act measures have been protected. some reporting sug...

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