White House officials, GOP reportedly near debt limit deal

(ABC News) — Breaking news out of Washington. The New York Times is reporting top White House officials are saying they are closing in on a deal to raise the debt limit, and spending cuts. It’s important to note nothing is finalized at this hour.

The ceiling would be raised for two years while being very strict with discretionary spending. Negotiators from both sides were talking into the evening and beginning to draft legislative text, though some details remain in flux.

The U.S. hit the legal limit, currently at $31 trillion dollars in January. The country’s been relying on accounting measures to avoid defaulting.

Stay with ABC Columbia News on air and online for the very latest on what this means for you and your wallet.