Democrats and Republicans could agree on a two-year cap on discretionary spending in terms of debt-ceiling negotiations, somewhere between President Joe Biden’s 6% proposed increase and the Republicans’ 9% proposed cut, an economic policy fellow said.
While a breakthrough doesn’t appear imminent in Washington’s debt-ceiling standoff, there is increasing chatter about what could go into a bipartisan deal that ends the stalemate and avoids a market-shaking default.
“The centerpiece of an obvious deal would be a two-year cap on discretionary spending, somewhere in between the president’s 6% proposed increase and the Republicans’ 9% proposed cut,” said Brian Riedl, a senior fellow at the conservative-leaning Manhattan Institute who focuses on budget, tax and economic policy.
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