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Joe Biden, Kevin McCarthy appear near to deal on US debt ceiling as default looms
U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default. The 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. The two sides met virtually on Thursday, the White House said. Representative Garret Graves, the top Republican negotiator, told reporters on Thursday evening that conversations would continue into the night. Republican negotiators have backed off plans to increase military spending while cutting non-defense spending and instead backed a White House push to treat both budget items more equally, a source familiar with the talk told Reuters. Biden said they still disagreed over where the cuts should fall. Source - Money Control
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