WASHINGTON: US Democrats have nearly reached a deal with the Trump administration to raise the debt ceiling, allowing the government to borrow ...
WASHINGTON: US Democrats have nearly reached a deal with the Trump administration to raise the debt ceiling, allowing the government to borrow more money and avoid a disastrous default, sources close to the negotiations said on Monday .
The agreement would include roughly US$75 billion in spending increase offsets, giving the White House about half of the savings it had sought, the source said.The deal has been negotiated by House Speaker Nancy Pelosi, who is the top Democrat in Congress, and Treasury Secretary Steven Mnuchin, but it remained unclear whether President Donald Trump would sign off on it.
The group has stated it wants the cost of any deal to be fully offset by spending cuts, and says spending should comply with limits laid out in a 2011 law.sentifi.comMnuchin warned last week that the government could run out of money in early September - before Congress reconvenes - absent an agreement.
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