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The deal, which is not final, would increase funding for discretionary spending on military and veterans while essentially holding non-defense discretionary spending at current year levels.
A default could upend global financial markets and push the United States into a major recession.
US President Joe Biden and top congressional Republican Kevin McCarthy appeared to be nearing a deal
Lawmakers regularly need to raise the self-imposed debt limit to cover the cost of spending and tax cuts they have already approved.
By Nandita Bose, Jarrett Renshaw and David Morgan WASHINGTON (Reuters) - U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the