White House and G.O.P. Close In on Deal to Raise Debt Limit and Cut Spending [View all]

White House and G.O.P. Close In on Deal to Raise Debt Limit and Cut Spending
The details had yet to be finalized, but negotiators were discussing a compromise that would allow Republicans to point to spending reductions and Democrats to say they had protected against large cuts.

By Jim Tankersley and Catie Edmondson
Reporting from Washington

May 25, 2023
Updated 8:30 p.m. ET

https://www.nytimes.com/2023/05/25/us/politics/republicans-debt-limit-talks-biden.html

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Top White House officials and Republican lawmakers were closing in Thursday on a deal that would raise the debt limit for two years while capping federal spending on everything but the military and veterans for the same period. Officials were racing to cement an agreement in time to avert a federal default that is projected in just one week.

The deal taking shape would allow Republicans to say that they were reducing some federal spending — even as spending on the military and veterans’ programs would continue to grow — and allow Democrats to say they had spared most domestic programs from significant cuts.

Negotiators from both sides were talking into the evening and beginning to draft legislative text, though some details remained in flux.

“We’ve been talking to the White House all day, we’ve been going back and forth, and it’s not easy,” Mr. McCarthy told reporters as he left the Capitol on Thursday evening, declining to divulge what was under discussion. “It takes a while to make it happen, and we are working hard to make it happen.”

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