The Capitol is seen in Washington on May 22.

J. Scott Applewhite/AP

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J. Scott Applewhite/AP

The Capitol is seen in Washington on May 22.

J. Scott Applewhite/AP

The White House and House Republicans have reached an agreement in principle to avoid default, according to two Republican sources familiar with the plans.

House Republican leaders are planning to hold a call with GOP members at 9:30 p.m. ET to unveil the details of the deal.

The breakthrough comes about an hour after House Speaker Kevin McCarthy and President Biden spoke on the phone. Earlier in the day, Biden spoke with Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries.

The deal also follows weeks of negotiations and a tense creep toward a potential default on the nation’s loans. The final deal is expected to have opponents on the extremes of both parties, but the announcement indicates that Republican and Democratic leaders believe they have the support necessary to pass the legislation.

On Friday, Treasury Secretary Janet Yellen updated her guidance on the so-called “X date” — when the U.S. would run out of money to pay its bills — to June 5. Previously she had said it would be as early as June 1.

The timeline to avoid a default remains tight. McCarthy has vowed that House members would get 72 hours to review any legislation before a vote. After that, the bill would head to the Senate for a vote on final passage and then to the president to sign.