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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ US https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ An emerging budget deal is likely to include little or no real cuts in spending, while raising the debt limit for two years

An emerging budget deal is likely to include little or no real cuts in spending, while raising the debt limit for two years



The White House and Congress negotiators who rushed to pull out the final details of a broad budget and debt deal would hardly include many – if any – real cuts of spending, even as the debt limit is lifted for two years, people familiar with the talks said.

The deal seems likely to mark a retreat for White House officials who have demanded large cuts in costs in return for a new budget deal. However, the process remains unclear as the negotiators expected a final approval Sunday by President Trump.

The upcoming deal will seek to extend the debt ceiling and set new spending levels for two years to restore the budget edge that led to a record. Long-term government closure earlier this year

But instead of $ 150 billion in new spending cuts recently demanded by the current White House budget director Russell Wooit, the agreement will include significantly lower reductions. And these cuts are not expected to represent a real cut in costs, partly because most will be in the coming years and are likely to be canceled by Congress at a later date. An exact figure could not be learned.

The details remained fluid and subject to change, according to the people who described the conversations they spoke on condition of anonymity, as they were not authorized to disclose details.

In practice, the budget deal will increase tens of billions of dollars in spending over the next two years, a sharp turnaround from the White House budget request a few months ago, which sought to cut costs in many agencies starting in October.

As some White House representatives have denied cost claims, their focus has been shifted to an attempt to block Democrats from limiting funding for a wall along the border with Mexico.

As part of the deal to raise military and spending levels for two years, the White House officials are trying to persuade Home President Nancy Pelosi (D-Calif.) To abandon some policies that Democrats hoped to include in the future bills for costs that need to be paid. One of the disputes is related to the authority of the administration to transfer money between budget accounts to fund the construction of the wall.

Democrats have struggled to limit or abolish the White House's ability to transfer money this way, but White House employees are keen to keep the flexibility to do so. The exact resolution was uncertain.

The main focus of the budget agreement will be the suspension of the debt ceiling for two years, preventing what many disaster experts think of as catastrophic defaults. Finance Minister Steven Munchin warned that his agency could run out of money by early September if the debt ceiling had not been raised so far. As negotiations remained liquid, it is likely that negotiators will try to change debt deadlines based on Trump's contribution.

Munchin served as key negotiator with Pelosi and attempted to secure a deal for more than a week, but some other White House representatives are trying to push for more cuts in spending

The deal is expected to set new general levels of spending for 2020 and 2021 fiscal years, reducing the chances of another government closure by giving MEPs a roadmap for writing new spending bills. 1. The current consensus on new spending levels also avoids heavy budget constraints that would otherwise arise automatically under the Obama deal and indiscriminately reduce $ 126 billion from the country's and Pentagon budgets.

debt limits and budget ceilings have long been sought by legislators in both countries, but their achievement has been uncertain. In the last few days the negotiations took place directly between Mnuchin and the President of the Pelosi Chamber, but the final signing was needed by Trump and remained uncertain.

If the deal was finalized, Pelosi would have had less than a week to turn it into a house before the House postponed a regular six-week summer vacation Friday. The senate will meet a week after Parliament withdraws and will be able to use the extra time to examine the deal and send it to Trump to sign.


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