With days to spare until a government default, President Biden and House Speaker Kevin McCarthy (R-Calif.) on Saturday evening announced a deal to raise the federal debt ceiling and fund the government for the next two years.
– Jeff Stein reporting for the Washington Post
Raises the debt ceiling beyond the 2024 election
For Biden, one upside of the deal — assuming it passes — is that he will not have to deal with the debt ceiling again until after the next presidential campaign, because the agreement raises the debt ceiling until 2025.
Largely holds funding flat for domestic programs
The biggest sticking point in negotiations has been funding levels for part of the federal budget — separate from Social Security and Medicare — that funds hundreds of domestic programs, such as scientific research, rental aid and nutritional assistance for mothers.
Claws back some money for the IRS
Despite sparing domestic programs from cuts, the Biden administration agreed to do so in part by paring back some portion of the $80 billion it approved last year for an expansion of the IRS.
Slight funding boosts for the military, veterans affairs
The deal also meets the requests in Biden’s budget to increase spending for the military and veterans affairs in line with inflation.
New work requirements on federal programs
Meeting a GOP priority, the deal increases work requirements on federal food stamps and on family welfare benefits.
Out of the deal: Closing tax loopholes, cutting student debt relief
Negotiators on both sides agreed to drop key demands.
Now it’s over to the House and the Senate to finalize the details and get this over and done with.
Just to reiterate— this is completely upside-down, inside-out, the-horse-has-bolted-from-the-stable insane.
Congress (the Republican Party) failed to agree on the nation’s spending priorities, overspent— and is now holding the world’s financial systems hostage, while haggling over what the money should have been spent on.
And lest you forget, Congress: the 14th amendment in the Constitution of the United States say
‘The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned’.