US debt ceiling talks, discrepancies over discretionary spending $ 70 billion “close to agreement” = source | Reuters

2023-05-25 16:55:00

Negotiations between President Biden and House Speaker McCarthy over raising the U.S. debt ceiling are nearing a deal, with a difference of just $70 billion between the two on “discretionary spending,” excluding social security and other items. This was confirmed by multiple sources. (2023 REUTERS/Craig Hudson)

[ワシントン ２５日 ロイター] – Negotiations between President Biden and House Speaker McCarthy over raising the U.S. debt ceiling are nearing an agreement, with the difference in views between the two on “discretionary spending” excluding social security and other items amounting to just $70 billion. It was confirmed by multiple sources.

The sources said they expected the deal to be a simple document with a few key figures, rather than a lengthy bill of hundreds of pages. Overall figures for discretionary spending will be hammered out, and sectors such as housing and education will be left to lawmakers to work out the details over the next few months through the normal budgeting process, he said.

Discretionary spending will reach $1.7 trillion in 2022, according to federal statistics. It accounted for 27% of total spending ($6.27 trillion), about half of which was for defense. Some lawmakers have argued that defense spending should not be cut.

The White House declined to comment.

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