WASHINGTON: According to Reuters, US President Joe Biden and senior congressional Republican Kevin McCarthy are nearing an agreement that would lift the government’s $31.4 trillion debt ceiling for two years while curbing expenditure on most things.

According to the official, who requested anonymity because they are not authorised to speak about internal discussions, the deal would increase funding for discretionary spending on military and veterans while essentially holding non-defense discretionary spending at current year levels.

According to the person, the White House is contemplating pulling down its proposal to increase financing for the Internal Revenue Service in order to recruit more auditors and target rich Americans.

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