GOP House Speaker Kevin McCarthy says Republicans have reached an “agreement in principle” with the White House on a deal to limit federal spending and resolve a looming debt crisis.
The deal on a two-year budget is believed to include a debt-limit increase and enhanced work requirements for food aid.
Mr McCarthy said he spoke to President Joe Biden by phone on Saturday about the agreement which could be voted on in the House and Senate next week ahead of the June 5 deadline.
Central to the package is a two-year budget deal that would hold spending flat for 2024 and impose limits for 2025 in exchange for raising the debt limit for two years, pushing the volatile political issue past the next presidential election.
Negotiators agreed to some Republican demands for enhanced work requirements on recipients of food stamps that had sparked an uproar from House Democrats.
READ MORE:Ukraine could get more weapons after £2.4bn Pentagon accounting error
As he arrived at the Capitol early in the day, Mr McCarthy said Republican negotiators were “closer to an agreement”.
His comments had echoed the latest public assessment from Mr Biden, who said bargainers were “very close” on Friday.
Their discussion on Saturday came after treasury secretary Janet Yellen told Congress the United States could default on its debt obligations by June 5 — four days later than previously estimated.
The deal on a two-year budget is believed to include a debt-limit increase and enhanced work requirements for food aid.
Mr McCarthy said he spoke to President Joe Biden by phone on Saturday about the agreement which could be voted on in the House and Senate next week ahead of the June 5 deadline.
Central to the package is a two-year budget deal that would hold spending flat for 2024 and impose limits for 2025 in exchange for raising the debt limit for two years, pushing the volatile political issue past the next presidential election.
Negotiators agreed to some Republican demands for enhanced work requirements on recipients of food stamps that had sparked an uproar from House Democrats.
But as another day dragged, it had appeared some of the problems over policy issues that dogged talks all week remained unresolved.
Both sides had suggested one of the main hold-ups is a Republican effort to expand the existing work requirements for recipients of food stamps and other federal aid programs, a long-time Republican goal which Democrats had strenuously opposed.
The White House said the Republican proposals were “cruel and senseless”.
