Biden, McCarthy appear near two-year deal on US debt ceiling as default looms

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By Nandita Bose, Jarrett Renshaw and David Morgan WASHINGTON (Reuters) -U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government’s $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters. The deal, which is not final, would increase funding for discretionary spending on military and veterans while essentially holding non-defense discretionary spending at current year levels, the official said, who requested anonymity because they are not authorized to speak about intern…

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