US President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items, a US official told Reuters
The deal, which is not final, would increase funding for discretionary spending on military and veterans while essentially holding non-defense discretionary spending at current year levels, the official said, who requested anonymity because they are not authorized to speak about internal discussions.
House Speaker McCarthy told reporters Thursday evening the two sides have not reached a deal. "We knew this would not be easy," he said. Any agreement will have to pass the Republican-controlled House of Representatives and the Democratic-controlled Senate. That could be tricky, as some right-wing Republicans and many liberal Democrats said they were upset by the prospect of compromise.
U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS/Leah Millis/File Photo
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