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Debt Ceiling Deal: What’s In, What’s Out

Both sides can point to some victories in the debt ceiling deal struck between President Joe Biden and House Speaker Kevin McCarthy.

But some conservatives are already expressing concern that the agreement doesn’t cut future deficits enough. And Democrats are concerned about proposed changes to work requirements in programs like food stamps.

Biden announced Sunday night that he and McCarthy have reached a final agreement on legislation that they will work to get Congress to pass. McCarthy, R-Calif., said the House would vote on the legislation on Wednesday, giving the Senate time to consider it before June 5, a date Treasury Secretary Janet Yellen said she would consider if lawmakers did not joint States may default on their debt obligations. Work on time.

Here’s a look at what’s in and out of the deal, based on what’s known so far:

Increase in two-year debt, spending limit

The agreement would keep non-defense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as provide a two-year debt-limit increase before the next presidential election in 2024. That’s according to a source familiar with the deal who provided the details on condition of anonymity.

aged care

The agreement would fully finance medical care for veterans at the levels included in Biden’s proposed 2024 budget blueprint, including dedicated funds for veterans who have been exposed to toxic substances or environmental hazards. Biden sought $20.3 billion for a toxic exposure fund in his budget, and Republican negotiators on Sunday made sure the funding was not touched.

job requirements

Republicans proposed raising work requirements for able-bodied adults without dependents in some government assistance programs. He said it would bring more people into the workforce, who would then pay taxes and help increase major entitlement programs like Social Security and Medicare.

The settlement would expand some work requirements for the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps. It would raise the age for current work requirements from 49 to 54, similar to the Republican proposal, but these changes would expire in 2030. There are homeless people—of all ages who are in need.

Many of those changes will expire in 2030, allowing Congress to measure the effectiveness of these changes and make changes if needed.

unspent covid money

The agreement freed up nearly $30 billion in unspent coronavirus relief, with exceptions for some $5 billion for veterans’ medical care, housing assistance, the Indian Health Service, and a program focused on rapidly developing the next generation which Congress had approved through previous bills. COVID-19 Vaccines and Treatments.

speeding up power projects in uttar pradesh

The deal marks the first time in nearly four decades that changes to the National Environmental Policy Act will designate a “single lead agency” to develop the environmental review, in hopes of streamlining the process.

student loan

Republicans have long sought to roll back the Biden administration’s efforts to provide student loan relief and aid to millions of borrowers during the coronavirus pandemic. While a GOP proposal to repeal the White House’s $10,000 to $20,000 loan forgiveness plan for nearly all borrowers failed to make it into the package, Biden agreed to a pause on student loan repayments.

Once Biden signs the package, the moratorium on student loan payments will expire within 60 days.

The fate of student loan relief, meanwhile, will be decided in the Supreme Court, which is dominated 6-3 by its conservative wing. During oral arguments in the case, several justices expressed deep skepticism about the legality of Biden’s plan. A decision is expected before the end of June.

what’s left

House Republicans passed legislation last month that would have created new work requirements for some Medicaid recipients, but was left out of the final agreement. The idea faced stiff opposition from the White House and congressional Democrats, who said it would reduce people able to afford food or health care without actually increasing the number of people in the workforce.

Also absent from the final deal is a GOP proposal to repeal many of the clean energy tax credits passed by Democrats in party-line votes last year to boost the production and consumption of clean energy. McCarthy and Republicans have argued that the tax breaks “distort the market and waste taxpayer money.”

The White House has defended the tax credits, which resulted in hundreds of billions of dollars in private sector investment, creating thousands of manufacturing jobs in America.

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