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.
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.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.
"They have suggested in the past that they would not announce auctions that they did not believe they had the means to settle," Gennadiy Goldberg, senior rates strategist at TD Securities in New York. "So I do think that's a positive note." The House adjourned on Thursday afternoon for a week-long break, and the Senate is not in session. Lawmakers have been told to be ready to come back to vote if a deal is reached.
Biden has resisted Republican proposals to stiffen work requirements for anti-poverty programs and loosen oil and gas drilling rules, according to Democratic Representative Mark Takano.
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