DEVIL’S IN THE DETAILS

The Debt Ceiling Deal Is Beginning to Take Shape

The deal, which has not yet been finalized, would raise the U.S. debt ceiling for two more years.

President Joe Biden is reportedly close to inking a deal with congressional Republicans to raise the U.S. debt ceiling for two more years. In exchange, Biden has indicated his support for caps on discretionary spending for most non-military expenses, Reuters and The New York Times both reported Thursday night. House Speaker Kevin McCarthy (R-CA) also wants to cut back a planned $80 billion investment in the IRS—which would have likely cut the national debt by increasing tax collections from the country’s wealthiest individuals—though that part of the deal remains in flux. McCarthy confirmed the deal has not yet been finalized as he left the Capitol building Thursday night, telling reporters: “We knew this would not be easy.”