Yahoo Finance is reporting that a deal on the US debt ceiling is drawing near, with US President Joe Biden and Republican House Speaker Kevin McCarthy reportedly only $70 billion apart on discretionary spending issues, according to a person familiar with the talks.

The deal which is expected to emerge, will reportedly not be a bill with hundreds of pages that will require days for lawmakers to put it to paper, but rather it will be a slimmed down agreement with only a few key numbers highlighted, according to the source, and another person who has been briefed on the negotiations.

According to the second source, it is expected that the agreement will lay out the top-line numbers for discretionary spending, such as a specific number for military spending. However the finer details, such as the specific numbers for categories like housing, or education will then be determined by lawmakers through the normal appropriations process in the coming months.

US discretionary spending sat at $1.7 trillion in 2022, making up 27% of the total $6.27 trillion budget, according to federal figures. Roughly half that amount was allocated to defense, an area which many lawmakers feel should not be subject to cuts.

According to sources, the final deal will basically place “guardrails” around future budget talks, and not spell out detailed spending plans.

As markets digested the somewhat more optimistic news out of Washington regarding the talks on raising the spending limit, the S&P 500 rose less than a percentage point, US Treasuries fell in price, and the us dollar reached its highest level since March.