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The White House and Republicans are close to finalizing a deal that would raise the national debt ceiling for two years and place strict limits on some non-military or veteran-related spending during this period.
In a race against time, the parties are rushing to consolidate an understanding and a legislative text has already begun to be drafted.
Kevin McCarthy, Speaker of the House of Representatives, told reporters on Friday: “I thought we made progress last night. We have to make more progress now.”
“And I’m going to work as hard as we can to try to get this done, make more progress today and get the job done. I’m a total optimist.”
The deal taking shape appears to satisfy both sides: For Republicans it would cut some federal spending, even as military and veterans programs increase, and it would allow Democrats to say they have avoided significant cuts to most social programs like the social security.
Joe Biden, US President, said on Thursday: “Default puts all of that at risk. Congressional leaders understand that, and they have all agreed that there will be no default. It is time for Congress to act now.”
It’s important to stress that a deal has yet to be finalized, and Democratic and Republican negotiators continue to haggle over crucial details that could make or break any compromise with just a week to go before a possible default.
