House Speaker Kevin McCarthy (R-CA) is holding fast in negotiations with the White House and Senate Democrats, pushing for deep spending cuts and other key concessions from the left in exchange for lifting the debt ceiling.
The White House attempted to float a freeze on spending at current levels per sources involved in the negotiations, but McCarthy rebuffed the administration’s proposal and is holding out seeking actual cuts to spending levels.
While sources involved say they are unsure at this time exactly how much spending will be cut, some say it could be into the tens of or hundreds of billions of dollars of spending cuts, combined with caps on future years of discretionary non-military spending.
“This is going to be a historic deal,” one key staffer involved in negotiations told Breitbart News.
Other major planks of the emerging deal that McCarthy has insisted on,…