- by cnn
- 01 Oct 2023
After several weeks of tense negotiations, President Joe Biden and House Republicans have reached an agreement in principle to raise the debt ceiling and cap spending.
The drama is by no means over. Congressional leaders in both parties have to convince enough of their members to vote for the agreement, which contains provisions that lawmakers on each side of the aisle don't support.
Not all the details of the agreement are available yet. And the information made public Saturday evening shows some discrepancies. The bill text is scheduled to be released on Sunday.
Here's what we know about the deal, based on a fact sheet circulated by House Republicans and a source familiar with the negotiations.
Raises the debt ceiling: The agreement would increase the debt limit for two years.
Caps non-defense spending: Under the deal, non-defense spending would remain relatively flat in fiscal 2024 and increase by 1% in fiscal 2025, after certain unspecified adjustments to appropriations were made, according to the source.
After fiscal 2025, there would be appropriations targets, but they would not be enforceable, according to the source.
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