U.S. lawmakers are examining the details of an agreement to increase the country's borrowing limit ahead of votes expected in the coming days, as both President Joe Biden and House Speaker Kevin McCarthy urge them to approve it.

The proposal includes waiving the debt ceiling until January 2025 and a two-year budget deal that keeps federal spending flat in 2024 and increases it by 1% in 2025.

Among the other pieces of the compromise package are reducing some funding to hire new Internal Revenue Service agents, rescinding $30 billion in COVID-19 relief and ensuring people ages 49 to 54 meet work requirements in order to receive food aid.

Debt-Ceiling Deal: What's In, What's Out of Agreement to Avert US Default

Biden and McCarthy reached the agreement Sunday after weeks of negotiations with an early June deadline looming for the government running out of money to pay its bills.

"The agreement prevents the worst possible crisis, a default, for the first time in our nation's history," Biden said at the White House. It "takes the threat of a catastrophic default off the table."

McCarthy, discussing the agreement at the Capitol, said, 'At the end of the day, people can look together to be able to pass this."

SEE ALSO: A related video by VOA's Veronica Balderas Iglesias

Embed share Amid Some Objections, Confidence on US Debt Ceiling Deal Grows Embed share The code has been copied to your clipboard. width px height px

• Share on Facebook
• Share on Twitter

No media source currently available

0:00 0:02:35 0:00

While the two leaders expressed support for the deal, progressive Democratic lawmakers from the party's ideological left, and Republicans from the party's right-wing immediately voiced opposition Sunday.

"The agreement represents a compromise, which means not everyone gets what they want. But that's the responsibility of governing," Biden said in a statement. He called the pact "an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone."

Earlier Sunday, McCarthy, on the "Fox News Sunday" show, said that from Republicans' perspective, "There's so much in this that is positive. It will not do everything for everyone, but this is a step in the right direction."

Debt Ceiling Explained: Why It's a Struggle in Washington and How the Impasse Could End

The debt ceiling needs to be increased so the government can borrow more money, or the U.S. government will run out of cash to pay its existing bills June 5, Treasury Secretary Janet Yellen has warned Congress.

Yellen has said that without an increase in the debt ceiling or a suspension of the borrowing limit, interest on U.S. bonds held by foreign governments and individual American investors would be imperiled, as well as stipends for U.S. pensioners and salaries for government workers and contractors. Without enough tax receipts coming into U.S. coffers to pay its bills, the government would be forced to prioritize which payments to make.

Another part of the agreement would also speed up the approval process for new energy projects.

The pact also left in place Biden's plan to write off up to $20,000 in student loan debts but says that loan recipients will have to start making loan payments that had been paused during the coronavirus pandemic. The provision would become moot if the Supreme Court overturns Biden's authority to revoke the debt in a challenge to his action that it is expected to rule on by the end of June.

Supreme Court Weighs Biden Student Loan Plan Worth Billions 

Democratic Representative Pramila Jayapal, the leader of the 102-member House progressive caucus, told CNN's "State of the Union" show that Biden and Jeffries should worry about progressives' support for passage of the debt ceiling increase.

Jayapal criticized expanding work requirements for food stamp recipients and said she did not know whether she would vote for the debt ceiling increase.

"I'm not a big fan of in-principle (agreements) frameworks," she told CNN's "State of the Union" show. "That's always, you know, a problem if you can't see the exact legislative text. And we're all trying to wade through spin right now. But I think it's going to come down to what the legislative text is."

Among Republicans, Representative Bob Good wrote on Twitter, "No one claiming to be a conservative could justify a YES vote" on the package.

Another Republican critic of the deal, Representative Ralph Norman, tweeted, "This 'deal' is insanity." He said a possible $4 trillion increase in the debt over the next two years "with virtually no cuts is not what we agreed to. Not gonna vote to bankrupt our country. The American people deserve better."

Some information for this story came from The Associated Press, Agence France-Presse and Reuters.