New Congress live updates: What's next after Kevin McCarthy's speakership win

"That was easy, huh?" McCarthy joked as he received the speaker's gavel from Democratic Rep. Hakeem Jeffries. "I never thought we'd get up here."

As he listed his priorities for the 118th Congress, McCarthy said it was time for the Republican majority to be a check and provide a balance to President Joe Biden's policies.

"And now the hard work begins," he said. "What we do here today, next week, next month, next year will set the tone for everything that follows."

At approximately 1:15 a.m. Saturday, McCarthy was handed the speaker's gavel from Democratic caucus leader Hakeem Jeffries.

But before Jeffries turned it over to McCarthy, he ran through a list of Democratic accomplishments over the past two years and gave a final nod to former House Speaker Nancy Pelosi.

"Pelosi will go down in history as the greatest speaker of all time," Jeffries said.

Jeffries said this is a moment of "transition" for Congress, from a "year of accomplishment to a year of ambiguity."

"But we do extend our hand of partnership to you," he said.

The White House has put out a statement from President Joe Biden, in which he and first lady Jill Biden congratulated McCarthy.

"The American people expect their leaders to govern in a way that puts their needs above all else, and that is what we need to do now," Biden said.

"As I said after the midterms, I am prepared to work with Republicans when I can and voters made clear that they expect Republicans to be prepared to work with me as well," he continued. "Now that the leadership of the House of Representatives has been decided it is time for that process to begin."

Biden said it's "imperative" the nation continues to make economic progress, protect Social Security and Medicare benefits and defend national security.

"As the last two years show, we can do profound things for the country when we do them together," Biden said.

McCarthy's first words stepping off the House floor after clinching the speakership: "Glad it's over."

McCarthy also said "no one gets promised anything" when asked if he promised Rep.-elect Matt Gaetz, R-Fla., a subcommittee gavel.

Gaetz blocked McCarthy from winning in the 14th round, much to the frustration of the caucus, but changed his vote to "present" in the 15th and final ballot.

-ABC News' Will Steakin and Lauren Peller