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0:44Now PlayingHouse Republicans say debt ceiling bill 'is a product of compromise' | USA TODAY
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0:44Now PlayingRep. Tom Cole called the debt ceiling bill a "product of compromise" as House Democrats said Republicans' precedent 'will haunt' Congress.
RELATEDKevin McCarthy to taxpayers on debt ceiling'It's coming out of your pocket'
McCarthy and the president came to an agreement during an hour-and-a-half phone call just days before the United States ran out of money to pay its bills.
The plan raises how much the government can borrow until 2025, which was Biden's top priority during talks with Republican leaders. It also freezes annual discretionary, non-defense spending for two years while delivering $2.1 trillion in other domestic spending cuts GOP lawmakers wanted.
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