The International Monetary Fund (IMF) is expected to hold a news conference Friday on the state of the U.S. economy as President Joe Biden and House Speaker Kevin McCarthy continue to progress towards a deal on its debt ceiling.

The two appeared to be nearing a deal to cut spending and raise the government’s $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.

The deal would specify the total amount the government could spend on discretionary programs like housing and education, according to a person familiar with the talks, but not break that down into individual categories. The two sides are just $70 billion apart on a total figure that would be well over $1 trillion, according to another source.

Just last month, the IMF said that the outlook for the world economy this year has dimmed in the face of chronically high inflation, rising interest rates and uncertainties resulting from the collapse of two big American banks.

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