Senior US White House officials and US Congress leaders have struck a deal to raise the country’s debt limit over the next two years, local media reported citing sources familiar with negotiations.
The Department of the Treasury announced two weeks ago the United States will be unable to pay its obligations and risk default if Congress does not raise the country’s debt limit by November 3.
The debt ceiling extended into March 2017 would raise caps by $66 billion the next fiscal year and by the same amount in fiscal year 2017, The Hill cited a person briefed on the agreement as saying.
The Congressional online outlet said, in a compromise between Republican and Democratic leadership, the funds would be divided equally between defense and non-defense spending.
The US national debt has reached $18.4 trillion and has increased $8 trillion since US President Barack Obama took office in January 2009, The Hill noted on Monday.
A vote on extending the debt limit in the US House of Representatives may come as early as Wednesday. Late last month, Congress passed a bill to fund the government through December 11, avoiding an imminent shutdown.