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American debt ceiling and budget deal "near the final"; suspends the ceiling for 2 years: Source



Steven Munchin, Secretary of the Treasury of the United States, spoke at a White House briefing in Washington, United States on Monday, July 15, 2019.

Al Drago | Bloomberg | The White House and Democrats in Congress have approached a budget deal that will raise the US debt ceiling for two years, a source close to the CNBC talks said. the limit for borrowing and stopping state funding from dropping out is "almost definitive," said the person. The remaining talks refer to "technical issues in the language," according to the source. The developing deal will suspend the debt ceiling by July 31

, 2021. This will result in the definitive termination of the sequestration, automatically on all cost cuts. A sequester would have come into force in January without a congressional act.

The budget agreement will include a parity between defense spending and non-defense-related internal spending – a priority for Speaker Nancy Pelosi. They would also have $ 75 billion of the costs the Conservatives have supported.

MEPs tried to make a deal before leaving their break in August. Finance Minister Steven Munchin warns that the US can run out of its money to pay its bills by September, creating a potential for failing to meet federal debt obligations.

In addition, the government will close if Congress can not adopt a cost bill by September 30th.

Last week, Pelosi said he hoped to make a budget deal in Parliament's building until Thursday – the last day of the chamber before the lawmakers left for August. She thinks she will give the Senate enough time to pass legislation before the House retires for next week.


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