McCarthy told reporters on Saturday after he spoke by phone to Biden that he expected to finish the writing of the agreement on Sunday and that lawmakers would vote on the text on Wednesday.
"We’ve got good news … we’ve reached a bipartisan budget agreement that we are ready to move to the full Congress, and I think it’s a really important step forward," Biden told reporters on Sunday.
The president said that the agreement "takes the catastrophic threat of default off the table" and protects US economic recovery. Biden reiterated that the agreement is a compromise and not everyone got what they want.
"The speaker and I made it clear from the start that the only way forward was a bipartisan agreement. That agreement now goes to the United States House and to the Senate and I strongly urge both chambers to pass that agreement," Biden said.
Biden specified that he did not make any compromises on the debt ceiling, but did make compromises on the budget.