Reuters: White House And McCarthy Edge Closer To A Deal

Reuters has reported that President Biden and House Speaker Kevin McCarthy (R-CA), "are edging close to a deal on the U.S. debt ceiling, with the parties just $70 billion apart on discretionary spending..."

• Reuters: "What is likely to emerge will not be a hundreds-page long bill, something that could take lawmakers days to write, read and vote on, but a slimmed-down agreement with a few key numbers, another person briefed on negotiations said."
• "The expectation is that negotiators will hammer out top line numbers for discretionary spending, including a number for military spending, but leave lawmakers to hammer out the fine details through the normal appropriations process in the months ahead, one of the sources said... The end result would likely just put guardrails on future budget talks, not spell out detailed spending."
• The report supports an update from Punchbowl News earlier today: "White House & House GOP negotiators discussing mechanism to impose an automatic CR at agreed-upon spending caps if all 12 funding bills aren’t passed by end of fiscal year. Debt-limit hike would be thru ‘24 election."