WASHINGTON, May 25 (Reuters) – U.S. President Joe Biden and top Republican Rep. Kevin McCarthy are just $70 billion behind each other in discretionary spending, according to people familiar with the talks. We are close to agreeing on the ceiling.
Another person briefed on the negotiations with this person said the likely bill would be hundreds of pages of legislation that would take legislators days to draft, read and vote on. Instead, it will be a simplified deal with some key numbers.
Negotiators are expected to hammer out top discretionary spending figures, including military spending figures, but details on categories such as housing and education will be crammed into lawmakers through the normal spending process in the coming months. a second source said. Said.
U.S. discretionary spending reached $1.7 trillion in 2022, accounting for 27% of total spending of $6.27 trillion, according to federal statistics. About half of that goes to defense spending, and some lawmakers have argued that this area should not be cut.
The final outcome is likely to serve as a guardrail for future budget talks, with no specific spending details being disclosed, the people said.
The White House declined to comment.
On Wall Street, the S&P 500 (.SPX) rose less than 1% as markets digested more optimistic news about debt limits, US Treasury prices fell, and the US Dollar (.DXY) fell in March. It has risen to its highest level since then. from Washington. /
Reporting by Jarrett Renshaw and Nandita Bose. Additional reporting by Trevor Honeycutt.Editing: Heather Timmons and Alistair Bell
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