The US Congress and the White House have reached an agreement to raise the debt limit.
The US Congress and the White House have reached an agreement to raise the debt limit and fix a budget for the next two years, the media reported today.
The Republicans from the House of Representatives late on Monday posted the 144-page agreement on the Congress's website, EFE news reported.
The agreement, which is yet to be passed in the House of Representatives, proposed a moderate increase in domestic and military spending, and cuts in social programmes such as Medicare health programme for the elderly, social security and disability benefits.
It also proposed an increase in debt limit until March 2017, which will prevent the possibility of suspension of payments next week, as the deadline on the issue expires on November 3.
If the agreement is passed in the Congress, it will represent a remarkable shift in the dynamics in US politics, which over the last few years have been rife with bitter budgetary disputes.
The Republicans are set to hold a closed-doors meeting today to discuss the agreement, which has already received criticism from the most conservative sections of the House after it was published, while the voting could take place from Wednesday onwards.