WASHINGTON, May 28 (Reuters) – U.S. President Joe Biden and Republican House Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt ceiling that would trim some U.S. federal spending.
While the bill is still being written, the general contours of the deal have been described by sources. Sometimes, Democrats and Republicans appear not to be on the same page.
Here’s what we know so far:
A CAP ON DISCRETIONARY SPENDING
The deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. In exchange, non-defense discretionary spending would be “roughly flat” at current year levels in 2024, “when factoring in agreed upon appropriations adjustments,” a source f…
Read the full article at: https://www.reuters.com/markets/us/whats-debt-ceiling-deal-biden-mccarthy-are-negotiating-2023-05-26/