US Democrats have nearly reached a deal with the Trump administration to raise the debt ceiling, allowing the government to borrow more money and avoid a disastrous default, sources close to the negotiations said Monday. The “near-final agreement” would suspend the debt limit until the end of July 2021, and increase government spending by raising budget caps on defense and domestic outlays, one source said. Republicans and Democrats have been hammering out the broad constructs of a deal for weeks as they faced calls to approve the agreement in the House by Friday, when the chamber begins a six-week recess. The agreement would include roughly $75 billion in spending increase offsets, giving the White House about half of the savings it had sought, the source said. “Both sides will be unhappy with some aspects -– a true compromise,” he added. The deal has been negotiated by House Speaker Nancy Pelosi, who is the top Democrat in Congress, and Treasury Secretary Steven Mnuchin, but it remained unclear whether President Donald Trump would sign off on it. The compromise, with its boosted spending and narrow savings, is expected to push the annual budget deficit to more than $1 trillion next year. “With… Read full this story
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