US House Speaker Kevin 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.
"Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle," Biden said in a Saturday statement, adding that the "agreement represents a compromise, which means not everyone gets what they want."
The US president said that the deal reduces spending and protects critical programs for working people, as well as Congressional Democrats’ key priorities.
"And, this agreement is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost," Biden said.
The US president specified that the legislative text will be finalized "over the next day" and the agreement will then go to Congress.
"I strongly urge both chambers to pass the agreement right away," Biden said.