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Congress, White House on Brink of Two-Year Debt Limit Deal


Added 07-22-19 01:04:02pm EST - “(Bloomberg) -- Congress and the White House are on the brink of an agreement that would raise the debt limit until July 31, 2021 and increase government spending for two years, according to people briefed on the discussions.The deal…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Congress, White House on Brink of Two-Year Debt Limit Deal”. Below is an excerpt from the article.

(Bloomberg) -- Congress and the White House are on the brink of an agreement that would raise the debt limit until July 31, 2021 and increase government spending for two years, according to people briefed on the discussions.

The deal that is in the final stages of negotiation would offset about $75 billion of the higher spending levels in the agreement, giving the Trump administration and Republicans about half of the savings they sought, the people said.

The question remains whether President Donald Trump, who’s been briefed on the outline, will support it. Trump told reporters Monday that his administration is having “very good talks” with congressional Democrats.

Time is running short for the House to vote on the package, which is being negotiated by House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. House members are scheduled to begin a six-week recess on July 26.

The spending increase that Pelosi and Mnuchin have tentatively agreed to would raise current budget caps by $320 billion over two years. The increase is $30 billion less than Democrats sought.

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