Argentine President Mauricio Macri is urging Congress to swiftly approve a landmark deal reached with creditors over defaulted debt in a race to comply with a U.S. court deadline.

Argentina's government agreed Monday to pay US$4.65 billion to four U.S. hedge funds, commonly referred to as vulture funds.

Macri, in his first address to congress, asked lawmakers to support the deal.

The cash will be used to pay the country's main "holdout" creditors, ending 14 years of legal battles. Macri is selling the payout as a way for Argentina to regain access capital markets.

In his address, Macri lambasted former presient Cristina Fernandez.

"We're a great country with enormous potential. We'll move forward. But first we need to realize that we are not well, even if that hurts," he said. "We've found the most decadence in our infrastructure even though we've spent a ton of money."

RELATED: Argentina's Macri Reaches Deal With Vulture Funds over Debt

Miguel Angel Pichetto, a leader of moderate Peronists in the Senate, said Macri's proposal will not be put to an immediate vote.

"The bill has to be studied carefully," he said, adding that he is likely to vote in favor.

Senator Maria de los Angeles Sacnun, a staunch Cristina Fernandez ally, called the deal "an intrusion of our sovereignty."

Analysts and administration officials say Macri can get the support he needs in the lower house of Congress, where his coalition has the biggest minority as no party has a majority. Fernandez's allies will nonetheless put up a fight.

"Now the extortion has been put before Congress," house member Axel Kicillof, who served as Fernandez's economy minister, wrote in an editorial.

#AperturaSesiones Disingenuous to imply public sector jobs aren't part of a healthy economy. Macri thinks a lot like his hero, Ayn Rand. — Drew Reed (@the_drewreed) 1 March 2016

The bill needs to be passed by Congress before the April 14 deadline set by the U.S. court that is hearing the case.

Experts say that if approved the legislation will put the country’s political and economic sovereignty at risk since the government will give more than US$4 billion in cash and will then borrow billions of dollars through bonds. With this debt, Argentina could end up paying US$20 billion to vulture funds.

WATCH: Argentina's Largest Worker Unions and Movements Demonstrate Against Macri