Congress and the White House are reportedly getting close to finalizing a deal that would lift the debt ceiling for another two years. The near deal likely won't include major spending cuts as the White House requested. Deficit ceiling talks roll around every few years, with lawmakers constantly hammering out a budget deal that usually includes lifting the federal government's debt limits. This year's deal is set to include $1.3 trillion in spending across government agencies and a two-year extension on the government's ability to borrow. This deal means government spending will increase by tens of billions of dollars in the next two years. If a deal isn't orchestrated by September, $126 billion in automatic spending cuts will start in January.

Scroll for 5 things you
need to know now