Washington — Congress and the White House are on the brink of an agreement that would raise the debt limit until July 31 2021 and increase government spending for two years, according to people briefed on the discussions.
The spending increase that Pelosi and Mnuchin have tentatively agreed to would raise current budget caps by $320bn over two years. The increase is $30bn less than Democrats sought. Earlier in July, Mnuchin warned that the US risks missing debt payments in September — before lawmakers are scheduled to return to Washington after their summer recess.
That means the budget caps that have been in place since 2011 will be allowed to expire, after having done little to restrain spending after lawmakers routinely amended them. Democrats are seeking discretionary spending of $1.295-trillion in 2020 — including funding for defence and other government agencies outside of mandatory programmes such as Social Security. That would be a $50bn increase over this year’s budget, and they are likely to get much of that in the final deal.
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