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By Reuters May 26, 2023 5:15:43 AM IST (Published)
On Wall Street, the S&P 500 rose less than a percent, US Treasury bonds fell in price and the US dollar scaled to its highest levels since March.
US President Joe Biden and top Republican lawmaker Kevin McCarthy are edging close to a deal on the U.S. debt ceiling, with the parties just $70 billion apart on discretionary spending, a person familiar with the negotiations told Reuters.
What is likely to emerge will not be a hundreds-page long bill, something that could take lawmakers days to write, read and vote on, but a slimmed-down agreement with a few key numbers, this source and another person briefed on negotiations said.
The expectation is that negotiators will hammer out top line numbers for discretionary spending, including a number for military spending, but leave lawmakers to hammer out the fine details of categories like housing and education through the normal appropriations process in the months ahead, the second source said.