Lawmakers are rushing to address the debt limit and government funding issues.
So far, the White House and Democrats are reportedly nearing a budget deal that would raise the U.S. debt ceiling for two years, according to CNBC. At the moment, the deal would suspend the debt ceiling through July 31, 2021, ending any chances for a sequester.
However, it’s not a done deal. And key players have yet to sign off on it. Nothing is on paper.
Right now, all we know is that Speaker Pelosi and Treasury Secretary Steven Mnuchin have hammered out the details, but now need everyone else to agree.
All while the clock ticks down to the August recess.
In addition, the budget agreement would include parity between increases in defense spending and domestic, non-defense increases. It would also have $75 billion in spending offsets, which conservative lawmakers have backed.
Also, Treasury Secretary Steven Mnuchin has warned the U.S. could run out of cash to pay its bills by September 2019, which could set up a potential default. Making things worse, the government could shut down by September 30, 2019 if Congress cannot pass a spending bill.
As the clock ticks down, it’ll be interesting to see what all parties can agree to.