Debt ceiling negotiations near resolution with IRS funding and political brinkmanship in focus.

The White House and congressional negotiators are close to reaching a compromise agreement to raise the debt ceiling for two years. House Republicans would achieve at least two of their highest priorities in exchange for voting to raise the debt ceiling: rolling back baseline federal spending in 2024 on most discretionary programs and rescinding some of the $80 billion allocated for the Internal Revenue Service as part of 2022's Inflation Reduction Act. The Pentagon and veterans health benefits would be spared from any cuts, and see their funding actually increase next year.