A Debt Deal May Be Near, but the Drama Is Not Over

After days of marathon sessions between House Republicans and the White House, negotiators are closing in on a deal and beginning to draft legislative text.

While some details are still in flux, the agreement would raise the debt limit for two years while imposing strict caps on discretionary spending not related to the military or veterans. The deal would meet Republicans’ demand to cut some federal spending and allow Democrats to say they had spared most domestic programs from significant cuts.

“Kevin McCarthy needs to be able to say that they cut spending,” our colleague Carl Hulse said. “They’re trying to find a way to do that in a bill that Democrats can still vote for.”

Several right-wing Republicans have already vowed to oppose a compromise that retreats too far from their initial demands. That would force the House minority leader, Hakeem Jeffries, to find more Democratic votes.