- 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 U.S. 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.
- The final deal would specify the total amount the government could spend on discretionary programs like housing and education, according to a person familiar with the talks, but not break that down into individual categories. The two sides are just $70 billion apart on a total figure that would be well over $1 trillion, according to another source.
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Debt Deal Looks Like A Go As Biden, McCarthy Give And Take On Spending
Speaker of the House Kevin McCarthy, R-Calif., returns to his office after talking to reporters about the debt limit negotiations prior to his meeting with President Joe Biden, at the Capitol in Washington, Monday, May 22, 2023. (AP Photo/J. Scott Applewhite)
