US President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government’s $US31.4 trillion ($A48.2t) debt ceiling for two years while capping spending on most items, a US official told Reuters.
The deal, which is not final, would increase funding for discretionary spending on military and veterans while essentially holding non-defence discretionary spending at current year levels, the official said, who requested anonymity.
