The White House and congressional Republicans on Friday are putting the final touches on a deal that will raise the U.S. government's $31.4 trillion debt ceiling for two years while capping spending on everything but military and veterans, according to a U.S. official.
Negotiators for Democratic President Joe Biden and House of Representatives Speaker Kevin McCarthy appeared to bea deal on Thursday as the two sides reached agreement on key issues, such as spending caps and funding for the Internal Revenue Service and the military.
The White House is considering scaling back its plan to boost funding at the IRS to hire more auditors and target wealthy Americans, the official said. "That's why we're still here at the 11th hour fighting about serious things of serious consequence," he told reporters late Thursday. Fast-growing health and retirement programs would not be affected, even though they are projected to push U.S. debt levels higher in coming years.
House leaders have said lawmakers will get three days to ponder the deal before a vote, and any single lawmaker in the Senate has the power to tie up action for days. At least one, Republican Mike Lee, has threatened to do so.
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