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The White House and congressional Democrat leaders have reportedly moved close to a budget deal that would raise the debt ceiling for two years, according to multiple reports.
A CNBC News report suggested that a deal is “near final” on raising the debt ceiling and that remaining talks have moved to “technical language issues.”
Deal - Agreement - Debt - Ceiling - Years
The reported deal said that the agreement would lift the debt ceiling for two years, through July 31, 2021. The budget deal would also eliminate the sequester spending cuts enacted during the Barack Obama administration.
The agreement would also increase spending for the Department of Defense (DOD) and domestic spending, one of House Speaker Nancy Pelosi’s (D-CA) priorities. The deal also includes $75 billion in spending offsets, which some conservatives have advocated for.
House - Speaker - Pelosi - Budget - Deal
House Speaker Pelosi hopes to bring a budget deal to the House floor by Thursday, which serves as the last day the chamber remains in session before they leave for the August recess. Pelosi believes that passing the budget this week would give the Senate ample time before it parts for the August recess at the end of next week.
Treasury Secretary Steven Mnuchin has warned that the federal government could run out of money by September, setting up a potential default on the federal debt.
Sources - Mnuchin - Pelosi - Deal - Compromise
Sources close to both Mnuchin and Pelosi describe the deal as a “real compromise” that...
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