FAP, May 26 (Xinhua)-- according to people familiar with the matter, Republicans and White House negotiators are close to reaching agreement on raising the debt ceiling and restricting federal spending for two years. The two sides have narrowed their differences in the talks in recent days, but only preliminary details have been agreed, and the final agreement has not yet been finalised, according to people familiar with the matter, who spoke on condition of anonymity. Under the terms of the preliminary agreement, defense spending will be allowed to increase by 3% next year, in line with Biden's budget requirements. (Bloomberg)