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Hey, good morning. I'm Playbook co-author Rachel Bade, and it is Friday. Woo-hoo!

Also the beginning of a nice three-day-long weekend, except if you're a member of the Congressional Press Corps.

In that case, you will be spending your Memorial Day staking out Kevin McCarthy in the Capitol.

Yehah! We'll see you up there.

Speaking of the debt ceiling, you may not believe this, and I'm kind of surprised I'm reporting

this this morning, but negotiators appear to be within striking distance of a debt ceiling deal.

A source familiar with the talks told me last night that negotiators have all but finalized the spending

portion of these discussions. And as one Republican negotiator said recently, once the spending

piece gets locked in, the rest of the deal should actually fall into place fairly quickly.

Now, this morning, I'm going to take you through the details of what we know and some key dynamics to watch.

But before I do a note of caution, take all of this with a grain of salt.

There is a reason that there's that famous old Washington adage that says nothing is agreed to until everything is agreed to and everything is not agreed to yet.

So all these details could change.

I will also note that, you know, conservatives on the right and progressives on the left are starting to balk as they're hearing some of these details,

and that pushback could also influence what we see in a final package.

So again, just keep in mind that things are fluid and could still

change. Here's what we know about spending caps. So negotiators appear to be an agreement on raising

the debt ceiling for two years through the 2024 election cycle and also capping discretionary

spending on everything except the Pentagon and veterans programs during

that same two years. Now, Republicans, you'll recall, were demanding that Democrats reduce

non-defense discretionary spending to fiscal 2023 levels. They appear to have paired back those

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