House Republican leadership suggests progress on an agreement on the debt limit

According to Punchbowl News:

• Republican leadership has proposed a plan addressing the debt limit.
• The proposal includes raising the debt limit by $1.5 trillion in the first reconciliation package.
• It also promises to cut $2.5 trillion in net mandatory spending through the reconciliation process.

Statements from Key Figures:

• House Majority Leader Steve Scalise: if not today, they will act tomorrow

• House Speaker Mike Johnson:Johnson has reportedly discussed a new funding plan with the President electronically, though details remain unclear.

The White House’s Response:

• The White House has urged Republicans to adhere to the existing bipartisan deal to keep the government open.
• Officials stress that there is still time to avoid a government shutdown.

This article was written by Greg Michalowski at www.forexlive.com.