With the debt limit deadline quickly approaching, Senate aides said Monday leadership is close to striking a two-year budget deal with the White House, including a debt ceiling raise that will last until 2017.
The deal allegedly includes a multibillion dollar increase to discretionary spending that will be equally dispensed between defense and non-defense spending in exchange for cuts to Social Security and Medicare.
“As the details come in and especially if an agreement is reached, I intend to consult and discuss the details with our colleagues,” Majority Leader Mitch McConnell said Monday.
Congress has until Nov.3 to strike a deal to raise the debt limit before the country hits its borrowing limit and faces a potential government shutdown after Dec. 11 if a budget deal isn’t reached.
Treasury Secretary Jack Lew warned if the debt limit isn’t raised it could have detrimental effects on the global economy and the country’s creditworthiness. The House failed to take up a bill last Friday that would have raised the debt limit by $1.5 to last until March 2017.
“I would hope that we’d come to a resolution, Democrats and Republicans, that is good for our country and our economy.” Minority Leader Harry Reid said on the Senate floor.
Budget legislation can be introduced as soon as Monday evening, meaning a deal can be struck before House Speaker John Boehner’s departure Friday.
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