House Republican leaders signaled that they were making progress toward a bipartisan deal with President Biden to raise the debt ceiling, but warned that a potential agreement would require a level of compromise likely to disappoint both parties
for federal aid programs and introducing caps on future spending. Negotiators have been at an impasse over how much the federal government should spend next year and for how long to cap spending after that, with Republicans demanding a 1% cap on annual spending for six years while the White House has signaled it would agree to freeze discretionary spending next year and increase spending by 1% in fiscal year 2025.
As negotiators inch closer to an agreement, the contours of a possible deal have been slowly taking shape. The two sides have discussed a framework for an agreement that would claw back some $30 billion in untapped COVID-19 relief money and approve permitting reforms for energy development, according to those familiar with the talks.
Former President Donald Trump, who has said that Republicans should force a default if they do not get what they want from the White House, spoke with McCarthy on Thursday about the negotiations. “He was talking about, ‘Make sure you get a good agreement,'” McCarthy said of their brief conversation.
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