The deal, if enacted, will boost the nation’s borrowing limit for two years and take the full faith and credit of the US off the negotiating table through the next presidential election, according to a person familiar with the details.
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In the end, Biden and McCarthy agreed to keep overall non-defense spending largely at current levels into next year. Then, in 2025, there will be a small 1% increase in spending.
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Another thorny issue that remained unresolved until the very last hours was what work requirements would be required in return for access to government assistance such as food stamps and the Temporary Assistance for Needy Families (TANF) program.
This deal will make changes to what some Americans need to access those two programs. They are changes that McCarthy said Saturday would “lift Americans out of poverty and into the workforce.”
Many of the details remained unclear Sunday morning. Medicaid – another assistance program where changes were considered – will not being impacted.
It’s fat gov’ment. What did you expect? Actual accountability? Something good for the citizens?
The national debt is rising by $1,000,000 every 30 seconds. Or, $2,880,000,000 per day. By the end of this two year crap deal the debt will have risen by another $2.1 trillion, and probably at 140% of GDP
…. and take the full faith and credit of the US off the negotiating table through the next presidential election,
Precisely what both sides wanted and why the agreement was made. F*** the people. Politicians padding their asses is most important.
But the budget hawks at the Committee for a Responsible Federal Budget immediately praised the deal, with its president Maya MacGuineas saying “the process was tense, risky and ugly, but in the end, we have a plan to enact savings and lift the debt ceiling, and that is what is needed.”
Indeed, the same “budget hawks” that praised the fraudulent “Inflation Reduction Act”.
All of this DC angst over raising the debt ceiling is pure theater. It’s such a sham that old Joe didn’t even bother to participate. There is no legitimate formal budgeting process at the federal level. The only selling point they bother to offer the public anymore is that the outcome could have been so much worse. We’ve been conditioned to accept continued degrees of loss as wins. When was the last formal federal budget? Dubya’s last one? That’s pretty far in the rearview.
A smarter pol would have negotiated this deal to cut the limbs out of the crazies he needed to get elected to the Speakers job
Let THEM close the government and be proud they did .
Instead , Mac got rolled by the Senile , completely ineffective President .and it WILL pass with Dem support .
Brilliant !