By Nandita Bose and Jarrett Renshaw
WASHINGTON (Reuters) – U.S. President Joe Biden and Republican leader Kevin McCarthy are close to a deal on the U.S. debt ceiling, after the two sides just Discretionary spending was $70 billion each, according to a person familiar with the talks.
What is likely to emerge will not be hundreds of pages long, the source and another person briefed on the negotiations said the bill could take days for lawmakers to write, Read and vote, but it’s a stripped-down agreement with a few key figures.
Negotiators are expected to hammer out top-line figures for discretionary spending, including those for the military, but leave it to lawmakers to finalize details on categories such as housing and education through normal appropriations, the second source said , the process for the next few months. As a percentage of total spending $6. trillion, according to federal data. About half of that goes to defense, an area some lawmakers have said should not be cut, the sources said.
The end result may simply be guardrails for future budget negotiations, rather than detailing spending.
The White House declined to comment.
On Wall Street, S&P
up less than 1%, U.S. Treasuries dip, dollar rises to lowest level since March The highest level, as markets digested more upbeat news about the debt ceiling in Washington. /
