The White House and GOP have reached an agreement to prevent the US from defaulting on its debt by raising the debt limit. The deal will keep non-defense spending at the same level for two years and cap various federal programs while cutting federal spending by about 0.2%. There will be no budget caps after 2025. The House is expected to vote on the deal on Wednesday. If the vote is successful, it will avoid hitting the “X-date” when the Treasury can no longer meet its financial obligations. The deal was structured to entice votes from both parties but is likely to anger conservative Republicans and Democrats who oppose cuts. The Treasury’s cash balance has dwindled dangerously low, making the deal urgent.
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