U.S. Treasury Secretary Steven Mnuchin speaks during a news conference at the G7 finance ministers and central bank governors meeting in Chantilly, near Paris, France, July 18, 2019. REUTERS/Pascal Rossignol
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Treasury Secretary Steven Mnuchin said Thursday that budget and debt negotiators had reached an agreement on the core elements of a deal to increase the government's borrowing cap and set a $1.3 trillion overall level for the agency budgets that Congress passes each year. Speaking on CNBC's "Squawk Box" Thursday, Mnuchin said negotiations with Democratic House Speaker Nancy Pelosi of California had settled on a debt limit increase that would cover two years. Still to be resolved are offsetting spending cuts to help finance the deal and other "structural issues," Mnuchin said.House conservatives that comprise the core of Trump's base in Congress are wary of the emerging agreement and warn that Trump may reject a deal that doesn't have their support.
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