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May 29, 2023 · The debt ceiling deal has come with just days to spare before a potential first-ever government default. On Sunday, President Joe Biden and House Speaker Kevin McCarthy reached a final agreement and they are urging Congress to quickly pass it. Biden pronounced the development “good news” in remarks at the White House announcing the agreement. This followed a tentative compromise announced ...
Jun 3, 2023 · Stocks rose Friday after the Senate passed the debt ceiling bill in a vote on Thursday evening. President Joe Biden is expected to act quickly to sign the bill into law to avoid a default on US ...
- Debt Limit Extension to 2025
- Spending Levels
- Conservative Policy Measures
- What's in It For Democrats?
The core of the deal is a suspension of the debt ceiling — currently at $31.4 trillion — until Jan. 1, 2025. The Treasury Department could then use "extraordinary measures" to pay the bills, which typically last for months. That effectively resolves the issue through the 2024 election, leaving it to the next president and the new Congress to deal w...
The agreement includes spending caps for the next two years to set up the appropriations process. In fiscal year 2024, it would limit military spending to $886 billion and nonmilitary discretionary spending to $704 billion. In fiscal year 2025, those numbers would rise to about $895 billion and $711 billion. McCarthy said the deal was "historic,"as...
What do House Republicans get? The bill would rescind about $28 billion in unspent Covid relief funds. It would eliminate $1.4 billion in IRS funding and shift about $20 billion of the $80 billion provided to the agency through the Inflation Reduction Act to non-defense funds. It would restart federal student loan payments after a lengthy "pause" t...
The White House is touting it as a budget deal — not a ransom payment for a debt ceiling extension — and emphasizing the modesty of the spending cuts even though it faces a GOP-led House. It also notes that the bill would make "no changes to Medicaid" and leave Social Security and Medicare untouched. The White House says the bill would fully preser...
- Senior National Political Reporter
- 2 min
Nomia: The Biden administration's student debt case will be ultimately decided by the Supreme Court. But the bill does require the Biden administration to follow through with a plan to end the ...
Jun 3, 2023 · Biden initially refused to negotiate with McCarthy over the debt ceiling, insisting that the House needed to pass a so-called clean bill without any spending cuts or policy provisions. “I will ...
May 29, 2023 · SKIP ADVERTISEMENT. New Details in Debt Limit Deal: Where $136 Billion in Cuts Will Come From. Two years of spending caps, additional work requirements for food stamps and cuts to I.R.S. funding ...
Jun 3, 2023 · President Joe Biden signed into law Saturday a bill to suspend the nation’s debt limit through January 1, 2025, to avert a first-ever US default. “I just signed into law a bipartisan budget ...
