What’s in the Bipartisan Debt Ceiling Deal?
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What’s in the Bipartisan Debt Ceiling Deal?
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President Biden and Speaker McCarthy reached an agreement, urging Congress to pass a bipartisan deal to avoid default.
From BBC. President Joe Biden has urged Congress to pass a deal to raise the government’s borrowing limit and prevent a potentially catastrophic default on US debt repayments. So what is in the deal and which party is happier with it?
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Negotiators from Democratic and Republican parties finalized an agreement on Sunday.
If approved, it would allow the federal government to borrow money until well after the next presidential election due in November 2024.
Voting on the bill, the text of which was posted to a congressional website, is set to start on Wednesday in the House, to be followed by the Senate. …
Debt ceiling suspended until 2025
Every so often, US Congress must vote to raise or suspend the ceiling, so it can borrow more to pay its bills. Currently it is $31.4tn …
In the deal reached on Sunday, they have not raised the limit to a certain level, but suspended it entirely until 2025.
This allows them to pay their bills until that date and know that the next fight over raising the ceiling will not interfere with the presidential election.
And the rest of the world can breathe a sigh of relief if the deal is signed because a US default would have a global impact.
Caps on spending, but not defense
Republicans wanted a freeze on overall spending for 10 years, with a rise in defense spending and cuts to other budgets.
The agreement keeps non-defense spending flat next year, with a 1% rise in 2025. The implications of this belt tightening is as yet unclear.
Defense spending would increase to $886bn, which amounts to a 3% rise on this year. …
The White House estimates government spending would be reduced by at least $1tn, says AP News, but official calculations have not yet been released. …
Unspent Covid funds returned
With the public health emergency officially ended in May, Republicans had argued for the relief funds that were not spent to be returned.
The Congressional Budget Office has estimated this will amount to about $30bn. …
Welfare tinkered with, but no overhaul
A central demand of Republicans was to toughen up the distribution of welfare benefits by attaching strings that would mean able-bodied recipients having to work to get food and healthcare help. …
Medicaid remains untouched in the deal, but the age at which work requirements are included for those on [the Supplemental Nutrition Assistance Program] was raised from 50 to 54.
Funds to enforce tax rules on wealthy Americans
A win for Democrats was securing $80bn for a decade to help the Internal Revenue Service (IRS) to enforce the tax code in last year’s Inflation Reduction Act on the richest. …
Easier to get energy project permits
New rules will make it easier for both fossil fuel and renewable energy projects to get licenses. …
Things not in the deal
Student loan relief
Republicans had wanted the Biden plan to forgive student debt to be rescinded but it survived. …
What do you think of this deal? Share this article to keep people informed.
(Excerpt from BBC. Photo Credit: Anna Moneymaker and Chip Somodevilla/Getty Images)
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I think once again the Republican Party does not know how to govern for the people. Submitting to the Democarats seems to be the mode of operation. Do they not know, do they not care, do they not see the peril they are placing on this United States of America. I know continuing to push forward this debt is wrong. What if I wanted to push forward my debt? I would go to jail if I did not pay. I am so tired of paying taxes on everything I need and it is still not enough for this greedy government. I am so saddened by the results McCarthy has put forward. I pray it does not pass. Let us go into default and start all over again. Cut Government salaries. Cut Government perks. Cut out all unnecessary people government employees. Give all Americans the same health insurance. If you don’t like it, purchase your own. You have the money to do it. Enough said. I hope those new members of Congress/Senate stand strong agains this and vote against this bill. May not even vote this year. Things are so bad, one sided no strength in the GOP!
Eph.6:11. “Put on the full armor of GOD so that you can stand against the devils schemes.”
Praying this for all our Legislators.🙏 in JESUS name. AMEN
This means they can continue to raise the dept ceiling there is no cap on it. They will only be short on the IRS agents by 4 with 84 remaining to go after middle income in America plz review more of the bill! The Republican Party gave away the kitchen sink with this bill! The other bill would have been better! Because at least the dept ceiling increase would have been a topic for 2024 election!!! This bill prevents that kinda kicking it into 2025! With no spending cap! The COVID funds are actually only set aside, for later use!!! Hey are not not returned! Sorry for the news! This bill needs to be voted no on!!! Call you congressman and senator and encourage them to vote no not to barry our grandchildren in debt! Bless the Lord oh my soul & all that is within me praise His Holy Name🐑🥳
Over all it looks like a good compromise – from the surface of the article anyway. Praying for revival for our Nation’s leaders across both isles. To start with repentance and new birth! ONLY GOD CAN DO THIS! ONLY GOD!
“Rejoice in your hope, be patient in your troubles, and continue steadfastly in prayer.”
Romans (Rom) 12:12 CJB
https://bible.com/bible/1275/rom.12.12.CJB