Steven Mnuchin, US Treasury Secretary, speaking on Monday, July 15, 2019, during a White House press conference in Washington, DC, USA.
Al Drago | Bloomberg | Getty Images
The White House and the Democrats of Congress are approaching a budget agreement with which the US debt ceiling for two years should be raised to a credit limit and prevent government funds from lapsing, is "almost final," said the person. The remaining discussions refer to source according to "language problems".
Under the Development Agreement, the debt ceiling will be suspended until 31
The budget agreement would include parity between the increase in defense spending and non-defense domestic spending – a priority for Speaker Nancy Pelosi. It would also have $ 75 billion in spending, backed by conservative measures.
Lawmakers have tried to reach a deal before leaving for the August break. Treasury Secretary Steven Mnuchin warns the US that cash could run out to pay its bills by September, triggering the possibility of default on federal debt.
In addition, the government will be closed if the Congress can not pass a spending bill by 30 September. While a default would affect the global economy and financial markets, a temporary decline in government funding could impact US economic growth.
Last week, Pelosi said she hopes to bring a budget deal to the floor by Thursday – the last day the House sits before legislators leave for the month of August. She believes there will be plenty of time for the Senate to pass laws before the Chamber sets out on her break next week.