US stocks rose Friday as investors headed into the long holiday weekend with reports that Democrats and Republicans in Washington were moving closer to clinching a deal that would prevent the government from defaulting on its debt.
The S&P 500 and the Nasdaq Composite were on track to notch a second straight gain, and the Dow Jones Industrial Average was looking at its first advance after falling over the past five sessions. Multiple reports said lawmakers were nearing an agreement that would raise the country's $31 trillion debt ceiling for two years. That move is needed for the Treasury Department to continue to pay the country's bills, with the cash balance on pace to run out as soon as June 1.
A deal could put caps on discretionary spending for two years while rolling back $10 billion of the $80 billion Congress approved in 2022 for the IRS to crack down on high earners and corporations that evade taxes, . Republicans have been pushing for spending cuts while Democrats could use shifted IRS budget funds to avoid further cuts in programs such as education, the report said.
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