US President Joe Biden and Republican House Speaker Kevin McCarthy are “close to an agreement” on raising the national debt ceiling while limiting spending on most items, Reuters reports citing officials.
The agreement, which is not yet final, should increase funding for military and veterans spending while keeping non-defense spending at current year levels, a spokesman who asked to remain anonymous said.
The final decision will name the total amount the government can spend on programs like housing and education, according to a person familiar with the Biden-McCarthy talks. It will not be broken down into separate categories. Another source says the disagreement between the White House and the Republicans is about $70 billion in spending.
Biden, in turn, argues that he and the speaker of Congress cannot agree on what spending will have to be cut. He noted that he did not want this “burden to fall on the middle and working class of Americans.” McCarthy, leaving Congress after negotiations with Biden, also said that there was no agreement.
Source: Rosbalt
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