Debt Deal Details: What’s In/Out, What’s Next

  • President Biden and House Speaker Kevin McCarthy late Saturday reached an agreement in principle on legislation to increase the nation’s borrowing authority and avoid a federal default.
  • Now negotiators are working to finalize bill’s text with a House vote set for Wednesday, which should give th Senate time to consider it before June 5, the date when Treasury Secretary Janet Yellen has said the U.S. could default on its debt obligations.
  • Among the key issue on which the sides have reportedly agreed are: Keeping non-defense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, a two-year debt-limit increase, fully fundinfg medical care for veterans at the levels included in Biden’s proposed 2024 budget blueprint, expand some work requirements for the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps.
  • Republicans failed to get included repealing Biden’s efforts to waive $10,000 to $20,000 in debt for nearly all borrowers who took out student loans.

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