Breaking News
Investing Pro 0
Free Webinar - Master Indicators: Maximized Trading Potential! | Thursday, June 8 | 12:30PM EDT Enroll Now

Exclusive-Slimmed-down U.S. debt ceiling deal takes shape -sources

Published May 25, 2023 11:59AM ET Updated May 25, 2023 12:31PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Visitors walk on the plaza at the U.S. Capitol in the midst of ongoing negotiations seeking a deal to raise the United States' debt ceiling and avoid a catastrophic default, in Washington, U.S. May 24, 2023. REUTERS/Jonathan Ernst

By Nandita Bose and Jarrett Renshaw

WASHINGTON (Reuters) -U.S. President Joe Biden and top Republican lawmaker Kevin McCarthy are edging close to a deal on the U.S. debt ceiling, with the parties just $70 billion apart on discretionary spending, according to a person familiar with the talks.

What is likely to emerge will not be a hundreds-page long bill, something that could take lawmakers days to write, read and vote on, but a slimmed-down agreement with a few key numbers, this source and another person briefed on negotiations said.

The expectation is that negotiators will hammer out top line numbers for discretionary spending, including a number for military spending, but leave lawmakers to hammer out the fine details of categories like housing and education through the normal appropriations process in the months ahead, the second source said.

In 2022, U.S. discretionary spending reached $1.7 trillion, accounting for 27% of the overall $6.27 trillion spent, according to federal figures. About half of that was for defense, an area some lawmakers have said should not be cut.

The end result would likely just put guardrails on future budget talks, not spell out detailed spending, sources said.

The White House declined to comment.

On Wall Street, the S&P 500 rose less than a percent, U.S. Treasury bonds fell in price and the U.S. dollar scaled to its highest levels since March as markets digested more optimistic-sounding news on the debt limit from Washington./

Exclusive-Slimmed-down U.S. debt ceiling deal takes shape -sources
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Connecticut Yankee
A_Jaundiced_Eye May 25, 2023 12:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Victory for the Liberals. Anything other than SPECIFIC CUTS to vote-buying...er, entitlement programs means kicking the can down the yellow brick road, where the left-wing media (are you listening Reuters?) can write about the harm to Sally Sob-Story.
Don Getty
Don Getty May 25, 2023 12:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
new lawsuit out - basically will mean debt ceiling is unconstitutional - the GOP's entire hand just went out the window - so they either grow up fast before there's a ruling or they will lose this as a weapon - Biden just got a royal flush dealt
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email