McCarthy and Biden Appear Near Two-Year Debt Ceiling Deal as Deadline Approaches

U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government’s $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters.

The deal, which is not final, would increase funding for discretionary spending on military and veterans while essentially holding non-defense discretionary spending at current year levels, the official said, who requested anonymity because they are not authorized to speak about internal discussions.

The White House is considering scaling back its plan to boost funding at the Internal Revenue Service to hire more auditors and target wealthy Americans, the official said.

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