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Biden, McCarthy Looking to Close U.S. Debt Ceiling Deal for Two Years

Work requirements for recipients of federal aid are still hampering an agreement

The White House and congressional Republicans on Friday aim to put the final touches on a deal to raise the U.S. government's $31.4 trillion debt ceiling for two years while capping spending on everything but military and veterans, according to a U.S. official.

Negotiators for Democratic President Joe Biden and House of Representatives Speaker Kevin McCarthy appeared to be nearing a deal as the two sides reached agreement on key issues, such as spending caps and funding for the Internal Revenue Service (IRS) and the military.

However, items including work requirements for recipients of federal aid were still holding up the deal, the official said.

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