Biden, McCarthy looking to close US debt ceiling deal for two years – By Richard Cowan, Andy Sullivan and Jarrett Renshaw (Reuters) / May 26, 2023
WASHINGTON (Reuters) – The White House and congressional Republicans on Friday are putting the final touches on a deal that will raise the U.S. government’s $31.4 trillion debt ceiling for two years while capping spending on everything but military and veterans, according to a U.S. official.
Negotiators for Democratic President Joe Biden and House of Representatives Speaker Kevin McCarthy appeared to be nearing a deal on Thursday as the two sides reached agreement on key issues, such as spending caps and funding for the Internal Revenue Service (IRS) and the military.
However, items including work requirements for recipients of federal aid were still holding up the deal, the official said.
