Budget agreement could be reached today: Source

Three sources tell FOX News and FOX Business that budget talks between House Democrats and the White House are winding down, and a deal is close to being completed.

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These sources tell FOX Business that the deal includes spending caps and debt ceiling increases for two years each, respectively. The deal reportedly includes spending increases for defense and non-defense spending.

A source close to the negotiations tells FOX Business that, for now, the deal would put no restrictions on reprogramming money for spending items – like a border wall.

Sources tell FOX News’ Chad Pergram that the deal would permanently end the sequester and also suspend the debt limit until July 31, 2021.

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Although the timing for a final agreement with both the Senate and the House is in flux, the House doesn't have much time to finalize its own version of the deal. The House is scheduled to begin a six-week summer recess on July 26. Sources close to the negotiations tell FOX Business the deal could be finalized sometime on Monday.