White House, GOP agree to cut excess COVID funding as talks progress: sources

House Speaker Kevin McCarthy gave reporters an update on debt limit negotiations on Monday afternoon, hours before he’s expected to meet with President Biden to try to hash out a deal., as both sides have agreed as part of the talks to claw back excess COVID pandemic funding that hasn't been spent, sources told Fox News Digital.

Another area of agreement so far is to include permitting reform in the agreement, something that members of both parties have said is needed to allow for faster approval of energy projects. According to sources familiar with the talks, the two sides are also discussing other possible areas of agreement, including the tax rate on so-called "carried interest," which is investment manager income that is taxed at a lower capital gains rate rather than regular income. But it's not clear that idea can be included, as Republicans have made it clear they want to reduce the budget deficit with spending cuts rather than tax increases.

Carried interest has also been a sticking point for Democrats and progressive tax lobbyists. The provision was part of Biden’s Inflation Reduction Act but was removed when it

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