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Washington, May 25/2010 US President Joe Biden and top Republican Representative Kevin McCarthy have reached an agreement on the US debt ceiling, according to a person familiar with the discussion.

The potential 100-page bill would take lawmakers days to write, read and vote on, but is a slim deal on a few key numbers, this source and another person briefed on the negotiations said. .

Negotiators are expected to hammer out top-line numbers for discretionary spending, including numbers for military spending, but leave the finer details like housing and education to lawmakers to iron out during the regular appropriations process in the coming months, the second source said. he said.

In the year U.S. discretionary spending will reach $1.7 trillion in 2022, accounting for 27 percent of the total $6.27 trillion, according to federal data. About half of that was for defense, an area some lawmakers say should not be cut.

US government discretionary spending for fiscal year 2023, in billions of US dollars

Sources said the final outcome would be guarded against future budget talks and would not reveal detailed spending.

The White House declined to comment.

On Wall Street, the S&P 500 (.SPX) rose less than 100 percent, U.S. Treasuries fell and the U.S. dollar (.DXY) rose to its highest level since March as markets on the debt ceiling got more optimistic news from Washington/

Reporting by Jarrett Renshaw and Nandita Bose; Additional reporting by Trevor Hunnicutt; Editing by Heather Timmons and Alistair Bell

Our Standards: The Thomson Reuters Trust Principles.

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