General view of the Capitol after House Speaker Kevin McCarthy reached a tentative deal with President Joe Biden to raise the debt ceiling and avoid a default, in Washington, US, May 27, 2023 (Reuters)

Republican lawmakers reacted negatively to the recent deal struck between House Speaker Kevin McCarthy and President Joe Biden regarding the debt ceiling which was reached 'in principle' earlier in the day.

Earlier this morning, the House Speaker confirmed that GOP legislators reached an agreement in principle with the White House on raising the US debt ceiling, noting that the text of the bill is scheduled to be posted on Sunday and will be subjected to a vote on Wednesday.

One Congressmen, Chip Roy (R-TX), vowed on his social media to stop the bill from being passed in the House while also calling on fellow Republicans to "hold the line."

Hold the line.
No swamp deals. #ShrinkWashingtonGrowAmerica pic.twitter.com/VPBPeq5z0i
— Rep. Chip Roy Press Office (@RepChipRoy) May 27, 2023

Georgia Republican Representative Andrew Clyde called the deal a "hard pass."

A $4 trillion debt ceiling increase?
With virtually none of the key fiscally responsible policies passed in the Limit, Save, Grow Act kept intact?
Hard pass. Hold the line.
— Rep. Andrew Clyde (@Rep_Clyde) May 27, 2023

US Congressman Dan Bishop of North Carolina also expressed his rejection of the deal by tweeting: "Kevin [McCarthy] says we can fight again NEXT year … but he simultaneously prevented that 'fight' by agreeing to suspend the debt ceiling for TWO years."

Kevin says we can fight again NEXT year to rescind another year of the IRS $80 billion … but he simultaneously prevented that “fight” by agreeing to suspend the debt ceiling for TWO years.
So there will be 85,260 more IRS agents rather than 87,000 to eat you alive. Big win. https://t.co/CHRRIxFI4j
— Rep. Dan Bishop (@RepDanBishop) May 28, 2023

Sources told CNN that the deal involves raising the debt ceiling for two years in exchange for capping spending. It would provide for non-defense spending in fiscal 2024 to remain "relatively flat" and increase by 1% in fiscal 2025.

On June 5, the US will officially default on its debt if a deal is not officially reached between the White House and Republicans.

The initial deadline was scheduled for June 1st, but Treasury Secretary Janet Yellen said that it would be pushed to June 5. She noted that the economy faces the risk of running out of money to cover the bills if no agreement is reached.