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As a two-year deal on the US debt ceiling looms, Biden and McCarthy appear close

President Biden and Republican House Minority Leader Kevin McCarthy are reportedly close to an agreement on a two-year deal to raise the nation’s debt limit and provide emergency funds for critical government services and programs. Reports indicate that the deal would raise the debt ceiling by at least $1.8 trillion and provide for an increase in spending of roughly $1 trillion. The proposed deal has yet to be finalized, and no details have been released yet, although the White House is reportedly pushing for a two-year period. If the deal is finalized, it would likely result in a new deal extension beyond 2021.