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U.S. nears deal for $1 billion in Egypt debt relief: source

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The Obama administration is close to a deal with Egypt's new government for $1 billion in debt relief, a senior U.S. official said on Monday, as Washington seeks to help Cairo shore up its ailing economy in the aftermath of its pro-democracy uprising. Progress on the aid package, which had languished during Egypt's 18 months of political turmoil, appears to reflect a cautious easing of U.S. suspicions about Mursi and a desire to show economic goodwill to help keep the longstanding U.S.-Egyptian partnership from deteriorating further.

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