Good morning. It's Sunday, May 28th. I'm Ali Velshi. An agreement in principle has been reached between the White House and Republican negotiators with just eight days left until the June 5th deadline to raise the debt ceiling and avoid a potential default.

News of the tentative deal trickled out just a couple of hours after President Biden

and House Speaker Kevin McCarthy spoke by phone last night.

And at around 9 p.m., Speaker McCarthy confirmed that news during a quick news conference at the Capitol.

I just got off the phone with the president. I talked to him twice today. And 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 an agreement in principle that's worthy of the American people.

I expect to finish the writing of the bill, checking with the White House and speaking to the president again tomorrow

afternoon, and then posting the text of it tomorrow and then be voting on it on Wednesday.

But thank you for your time. And I think this is very worthy of the American public.

Now, we do not know the full scope

of the agreement yet. As the Speaker noted, the bill is still being written as we speak with the

intention of completing it by later today. Now, from what NBC News has gathered so far, the deal

will raise the debt limit until 2025. It'll keep domestic spending roughly flat while giving a slight boost of funding

for defense and implementing a controversial new work requirement for people who receive federal

aid. It's also going to pair back the $80 billion of new funding for the IRS that was

included in the Inflation Reduction Act, which was President Biden's signature

economic bill that he signed into law last summer. The agreement, however, is only the beginning

of the next stage of the process. Now Democratic and Republican congressional leaders have to sell

the deal to enough of their members to get it passed and onto the president's desk before June 5th, which is when the

Treasury starts to run out of money. The White House is scheduled to brief the Democratic Caucus

about the provisions of the deal during a virtual meeting at 5 p.m. today. And as news of the deal

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