House Republicans appear to be on the verge of losing a historic opportunity to cut federal spending and appear to be caving to the Biden administration, according to Russ Vought, former President Trump’s director of the Office of Management and Budget.

"I’m absolutely amazed at how bad the parameters of the deal are that are emerging," Vought said on CSPAN Friday morning. "It’s basically almost worse than a clean debt limit."

Vought spoke after details of the ongoing debt ceiling agreement emerged late Thursday night that indicated a deal is emerging that strays far from the Limit, Save and Grow Act that the House passed weeks ago.

The House bill cut about $150 billion in discretionary spending and capped growth in federal spending to 1% a year for a decade. But details that emerged Thursday on the agreement – which is not final – indicated negotiators are now looking at just two years of spending caps, higher spending for defense and veterans, and a freeze on other programs.

"They’re going to come nowhere near the types of savings they had in the House," Vought said.