The Democratic president and Republican speaker hope to strike a budget compromise this weekend. With Republicans driving for steep cuts, the two sides have been unable to agree to spending levels for 2024 and 2025.
PUBLISHED 7:38 AM EDT May 26, 2023Days from a deadline, President Joe Biden and House Speaker Kevin McCarthy are narrowing in on a two-year budget deal aiming to curb federal deficits in exchange for lifting the nation's debt ceiling and staving off an economically devastating government default.
Any deal would need to be a political compromise, with support from both Democrats and Republicans to pass the divided Congress. McCarthy said, "It's hard, but we're working and we're going to continue to work until we get this done." Meanwhile, Fitch Ratings agency placed the United States' AAA credit on "ratings watch negative," warning of a possible downgrade.
On the Republican demand to rescind money for the Internal Revenue Service, it's still an "open issue" whether the sides will compromise by allowing the funding to be pushed back into other domestic programs, the person said.
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