“We still have a lot of work to do. But I believe this is an agreement in principle that’s worthy of American people. That’s historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, reign in government overreach. There are no new taxes, no new government programs. There’s a lot more within the bill. We still have more work to do tonight to finish all the writing of it.” 

Almost at same time, President Biden said to Media, 

"The agreement represents a compromise, which means not everyone gets what they want. That's the responsibility of governing. 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".