U.S. budget negotiators plan to work this weekend from a shrinking menu of options to ease automatic spending cuts for as little as one year amid objections from some groups and lawmakers, said people familiar with the talks.
U.S. budget negotiators are near a deal in which Democrats would accept fresh revenue from user fees and Republicans would agree to more federal spending, steps that could avoid another government shutdown next year.
U.S. Treasury yields rose to an 11- week high and stocks fell a fourth day as signs of economic growth fueled concern the Federal Reserve will scale back bond buying. Copper, gold and crude oil led commodities higher.
U.S. stocks fell a fourth day, the longest slump in 10 weeks for the Standard & Poor’s 500 Index, as investors weighed economic data for clues on the timing of Federal Reserve stimulus cuts amid optimism over a budget deal.
With less than three weeks until their deadline, U.S. budget negotiators have yet to break an impasse over revenue, prompting lawmakers to draft plans to blunt $19 billion in defense cuts set to start in January.