Debt ceiling deal heads to Biden's desk

ABC News’ Jay O’Brien breaks down the latest on the debt ceiling deal as it leaves Congress and heads to President Joe Biden's desk.
3:27 | 06/02/23

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Transcript for Debt ceiling deal heads to Biden's desk
IN ORDER TO AVOID THAT CATASTROPHIC DEFAULT. NOW JUST THREE DAYS AWAY, NOW JUST THREE DAYS AWAY, AND AS MANY AMERICANS BREATHE AND AS MANY AMERICANS BREATHE A SIGH OF RELIEF, A SIGH OF RELIEF, THE CATASTROPHE HAS BEEN THE CATASTROPHE HAS BEEN AVERTED. AVERTED. THE LABOR DEPARTMENT HAS THE LABOR DEPARTMENT HAS RELEASED A BETTER THAN EXPECTED RELEASED A BETTER THAN EXPECTED JOBS REPORT, ANOTHER BETTER JOBS REPORT, ANOTHER BETTER THAN EXPECTED JOBS REPORT FROM THAN EXPECTED JOBS REPORT FROM LAST MONTH. LAST MONTH. THE U.S. ECONOMY JUST CAN'T THE U.S. ECONOMY JUST CAN'T STOP AT IT AT A THREE HUNDRED STOP AT IT AT A THREE HUNDRED AND THIRTY NINE THOUSAND JOBS. AND THIRTY NINE THOUSAND JOBS. IT'S WAY BETTER THAN EXPERTS IT'S WAY BETTER THAN EXPERTS EXPECTED. EXPECTED. WHILE THE UNEMPLOYMENT RATE DID WHILE THE UNEMPLOYMENT RATE DID RISE TO THREE POINT RISE TO THREE POINT SEVEN PERCENT, A LOT OF PEOPLE SEVEN PERCENT, A LOT OF PEOPLE LOOKING FOR MORE JOBS. LOOKING FOR MORE JOBS. SO LET'S BRING IN OUR JAIL, SO LET'S BRING IN OUR JAIL, BRIAN . BRIAN . CAPITOL HILL, ALONG CAPITOL HILL, ALONG WITH BUSINESS REPORTER WITH BUSINESS REPORTER ALEXIS CHRISTOFOROUS. ALEXIS CHRISTOFOROUS. SO, JAY, FIRST, WHEN WILL BIDEN SO, JAY, FIRST, WHEN WILL BIDEN SIGN THIS BILL ? SIGN THIS BILL ? >> WHAT DOES THAT LOOK LIKE? >> WHAT DOES THAT LOOK LIKE? WELL, WE JUST HEARD FROM WHITE WELL, WE JUST HEARD FROM WHITE HOUSE PRESS SECRETARY HOUSE PRESS SECRETARY KARINE JEAN-PIERRE, WHO SAYS KARINE JEAN-PIERRE, WHO SAYS THE PRESIDENT WON'T SIGN IT THE PRESIDENT WON'T SIGN IT TODAY. TODAY. HE COULD SIGN IT AS EARLY HE COULD SIGN IT AS EARLY AS TOMORROW. AS TOMORROW. THERE'S A FORMAL PROCESS THAT THERE'S A FORMAL PROCESS THAT HAS TO HAPPEN AFTER HAS TO HAPPEN AFTER THE CONGRESS PASSES A PIECE OF THE CONGRESS PASSES A PIECE OF LEGISLATION AND IT HAS TO GET LEGISLATION AND IT HAS TO GET WHAT'S CALLED ENROLLED AND THEN WHAT'S CALLED ENROLLED AND THEN SENT TO THE PRESIDENT . SENT TO THE PRESIDENT . THE PRESIDENT HAS TO PUT PEN TO THE PRESIDENT HAS TO PUT PEN TO PAPER HERE BY MONDAY. PAPER HERE BY MONDAY. WHICH BY ALL ACCOUNTS, HE WHICH BY ALL ACCOUNTS, HE WILL . WILL . HE'S ON TRACK TO THAT. HE'S ON TRACK TO THAT. OF COURSE, MEANS HE SIGNS OF COURSE, MEANS HE SIGNS THE DEBT CEILING DEAL , RAISES THE DEBT CEILING DEAL , RAISES THE DEBT CEILING BEFORE THAT THE DEBT CEILING BEFORE THAT DATE, WHICH IS MONDAY. DATE, WHICH IS MONDAY. AND AS YOU SAID, TERRY , THAT AND AS YOU SAID, TERRY , THAT IS A BIG SIGN OF RELIEF BECAUSE IS A BIG SIGN OF RELIEF BECAUSE THERE WAS CONSTERNATION AS TO THERE WAS CONSTERNATION AS TO WHETHER OR NOT THIS WILL GET WHETHER OR NOT THIS WILL GET ACROSS THE GOAL LINE BEFORE ACROSS THE GOAL LINE BEFORE MONDAY. MONDAY. AND I CAN TELL YOU , EVEN AND I CAN TELL YOU , EVEN VISUALLY, THERE'S A SIGN OF VISUALLY, THERE'S A SIGN OF SIGH OF RELIEF HERE IN SIGH OF RELIEF HERE IN THE CAPITOL. THE CAPITOL. THIS I THINK WE'VE GOT THIS THIS I THINK WE'VE GOT THIS VIDEO. VIDEO. THIS IS WHAT THE CAPITOL LOOKED THIS IS WHAT THE CAPITOL LOOKED LIKE EARLIER THIS WEEK. LIKE EARLIER THIS WEEK. YOU'RE SEEING IT IN THAT BOX YOU'RE SEEING IT IN THAT BOX THERE. THERE. THAT'S WILL ROGERS. THAT'S WILL ROGERS. THAT'S THE EXACT HALLWAY THAT THAT'S THE EXACT HALLWAY THAT I'M STANDING IN RIGHT NOW WHEN I'M STANDING IN RIGHT NOW WHEN KEVIN MCCARTHY WOULD COME KEVIN MCCARTHY WOULD COME THROUGH THE HALLWAY. THROUGH THE HALLWAY. THIS WAS AS EARLY AS WEDNESDAY THIS WAS AS EARLY AS WEDNESDAY DURING THE VOTES. DURING THE VOTES. AND HE WOULD GAGGLE AND HE WOULD GAGGLE WITH REPORTERS AND BE ASKED, WITH REPORTERS AND BE ASKED, IS THIS GOING TO PASS? IS THIS GOING TO PASS? WHAT'S IN THE DEAL, ET CETERA, WHAT'S IN THE DEAL, ET CETERA, ET CETERA. ET CETERA. NOW, IF YOU COME OUT FULL TO US NOW, IF YOU COME OUT FULL TO US HERE, AND LOSE THE BOX, THIS HERE, AND LOSE THE BOX, THIS IS WHAT IT LOOKS LIKE NOW. IS WHAT IT LOOKS LIKE NOW. THE HALLWAYS EMPTY. THE HALLWAYS EMPTY. THERE ARE NO LAWMAKERS HERE. THERE ARE NO LAWMAKERS HERE. THEY'VE ALL GONE HOME. THEY'VE ALL GONE HOME. THEY'VE ALL DONE THEIR JOBS. THEY'VE ALL DONE THEIR JOBS. THE PEOPLE HERE ARE TOURS THE PEOPLE HERE ARE TOURS COMING THROUGH THE CAPITOL, COMING THROUGH THE CAPITOL, AS THEY OFTEN DO ON FRIDAY. AS THEY OFTEN DO ON FRIDAY. SO VISUALLY, A SIGN HERE THAT SO VISUALLY, A SIGN HERE THAT CONGRESS'S WORK IS DONE. CONGRESS'S WORK IS DONE. THE PRESIDENT HAS GOT TO SIGN THE PRESIDENT HAS GOT TO SIGN IT. IT. HE'S ON TRACK TO THIS WEEKEND. HE'S ON TRACK TO THIS WEEKEND. WE SHOULD POINT OUT THAT MANY WE SHOULD POINT OUT THAT MANY AT TIMES, TOO, JAY WAS DOING AT TIMES, TOO, JAY WAS DOING A LIVE SHOT AND YOU CAN SEE HIM A LIVE SHOT AND YOU CAN SEE HIM RIGHT THERE. RIGHT THERE. HOLD ON JUST A SECOND. HOLD ON JUST A SECOND. STICKING THE MICROPHONE OUT STICKING THE MICROPHONE OUT THERE TO GET INSIDE THE SCRUM. THERE TO GET INSIDE THE SCRUM. SO, JAY, DESPITE PASSING BOTH SO, JAY, DESPITE PASSING BOTH THE HOUSE AND THE SENATE, THE HOUSE AND THE SENATE, THE BILL IS STILL GETTING A LOT THE BILL IS STILL GETTING A LOT OF BACKLASH. OF BACKLASH. >> YEAH, AND THEY LOST VOTES IN >> YEAH, AND THEY LOST VOTES IN THE FRINGES OF BOTH PARTIES. THE FRINGES OF BOTH PARTIES. AND THAT WAS SOMETHING THAT AND THAT WAS SOMETHING THAT I CAN TELL YOU THAT BOTH I CAN TELL YOU THAT BOTH DEMOCRATIC LEADERSHIP DEMOCRATIC LEADERSHIP AND REPUBLICAN LEADERSHIP IN AND REPUBLICAN LEADERSHIP IN THE HOUSE AND SENATE EXPECTED, THE HOUSE AND SENATE EXPECTED, PARTICULARLY IN THE HOUSE WHEN PARTICULARLY IN THE HOUSE WHEN YOU SAW A GROUP OF 70 PLUS YOU SAW A GROUP OF 70 PLUS REPUBLICANS VOTE AGAINST THIS REPUBLICANS VOTE AGAINST THIS AND IN SOME INSTANCES TRY AND IN SOME INSTANCES TRY TO STOP THIS BILL FROM EVEN TO STOP THIS BILL FROM EVEN GETTING THE FLOOR IN THE FIRST GETTING THE FLOOR IN THE FIRST PLACE. PLACE. AND KEVIN MCCARTHY HAS AND KEVIN MCCARTHY HAS ACKNOWLEDGED HE'S GOT ACKNOWLEDGED HE'S GOT SOME REBUILDING TO DO SOME REBUILDING TO DO WITH FURTHER RIGHT MEMBERS OF WITH FURTHER RIGHT MEMBERS OF HIS CONFERENCE TO MAKE SURE HIS CONFERENCE TO MAKE SURE THAT THEY HAVE CONFIDENCE IN THAT THEY HAVE CONFIDENCE IN HIM GOING FORWARD, THAT HIM GOING FORWARD, THAT THEY ARE NOT TOO ANGRY ABOUT THEY ARE NOT TOO ANGRY ABOUT THIS DEBT DEAL , THAT THIS DEBT DEAL , THAT THEY POTENTIALLY TRY TO MOVE THEY POTENTIALLY TRY TO MOVE AGAINST HIM, SOMETHING OF THAT AGAINST HIM, SOMETHING OF THAT NATURE. NATURE. THERE'S A HANDFUL OF LAWMAKERS THERE'S A HANDFUL OF LAWMAKERS WHO SAY THAT THEY WANT TO TRY WHO SAY THAT THEY WANT TO TRY TO OUST MCCARTHY AS A RESULT OF TO OUST MCCARTHY AS A RESULT OF THIS DEBT DEAL . THIS DEBT DEAL . IT'S UNCLEAR IF THOSE EFFORTS IT'S UNCLEAR IF THOSE EFFORTS WOULD REALLY COME TO FRUITION, WOULD REALLY COME TO FRUITION, BUT CERTAINLY AN ACKNOWLEDGMENT BUT CERTAINLY AN ACKNOWLEDGMENT FROM BOTH PARTIES THAT THERE FROM BOTH PARTIES THAT THERE WERE PEOPLE WHO DIDN'T LIKE WERE PEOPLE WHO DIDN'T LIKE THIS DEAL . THIS DEAL . THEY DIDN'T LIKE ELEMENTS OF THEY DIDN'T LIKE ELEMENTS OF IT, THAT THEY WEREN'T GOING IT, THAT THEY WEREN'T GOING TO GET EVERYTHING THEY WANTED TO GET EVERYTHING THEY WANTED IN IT IN THIS DEAL . IN IT IN THIS DEAL . VERY MUCH SOMETHING YOU AND VERY MUCH SOMETHING YOU AND I HAVE TALKED ABOUT OVER I HAVE TALKED ABOUT OVER THE LAST FEW DAYS THAT WAS THE LAST FEW DAYS THAT WAS BROUGHT OVER THE GOAL LINE BROUGHT OVER THE GOAL LINE BY MODERATES IN BOTH PARTIES. BY MODERATES IN BOTH PARTIES. GUYS, THINK OF THAT. GUYS, THINK OF THAT. THE MOTHER RETURN OF THE MOTHER RETURN OF THE MODERATES, THE MODERATE THE MODERATES, THE MODERATE UNDEAD.

This transcript has been automatically generated and may not be 100% accurate.

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