WASHINGTON, D.C. - The Washington Post reports negotiators are nearing a federal budget deal that would include few—if any—immediate spending cuts, and would lift the debt limit for two years, kicking the can down the road and past the next presidential election.
Negotiators for the White House and congressional leaders were working out details, but any agreement would still require the president's approval, the Post said.
The White House had sought cuts to reach a deal, but sources told the Post any such cuts would happen at a later time, and could be reversed by a future session of Congress.
Treasury Secretary Steven Mnuchin said last week the government could run out of money in early September if the debt ceiling is not raised, which it routinely has been for many years.
The House will recess next week, leaving a tight timeline for approval. The Senate plans to remain in session and additional week, allowing more time for a vote and the president's signature, the Post added.
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