House Speaker Nancy Pelosi (D-Calif.) said she hopes the lower chamber can pass a deal to raise the debt ceiling and set spending levels by July 26, CNBC reported Wednesday.
Pelosi said she expects the White House and the chamber to agree on a measure by Friday, July 19 to allow lawmakers to work on the legislative text over the weekend. She noted that passing the bill by July 26 would provide the Senate enough time to decide on the measure before Congress leaves for an August recess.
The report said lawmakers plan to vote on the legislation before the recess to avoid a government shutdown by the end of September and a potential default on U.S. debt, which could have an impact on financial markets and the global economy. Pelosi and Treasury Secretary Steven Mnuchin have discussed a two-year spending agreement that would increase the debt limit.