WASHINGTON (Reuters) – U.S. congressional and White House negotiators are close to a deal to extend the Treasury Department’s borrowing authority until July 31, 2021, a source close to the talks said on Monday.
Details were still being worked out, according to the source, who also said negotiators were aiming to set federal government spending caps for fiscal year 2020, which begins and Oct. 1, and fiscal 2021 that would include about $75 billion in “offsets” savings.
If a final deal is reached by negotiators, it would have to be approved by the full House of Representatives and Senate.
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