*BIDEN, MCCARTHY APPEAR NEAR TWO-YEAR DEAL ON U.S. DEBT CEILING AS DEFAULT LOOMS 🇺🇸🇺🇸
WASHINGTON -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.
A second U.S. official said IRS funding is an open issue, but the main thrust is ensuring the agency executes the president's priorities, even if there is a small haircut or funding is moved around. It is unclear precisely how much time Congress has left to act. The Treasury Department was warned that it could be unable to cover all its obligations as soon as June 1, but on Thursday said it would sell $119 billion worth of debt that will come due on that date, suggesting to some market watchers that it was not an iron-clad deadline.
"I don't think everybody's going to be happy at the end of the day. That's not how the system works," McCarthy said.
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