• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Biden, McCarthy reach debt ceiling deal to avoid default: Here’s what’s in it
Economy

Biden, McCarthy reach debt ceiling deal to avoid default: Here’s what’s in it

by May 29, 2023
by May 29, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

President Joe Biden and House Speaker Kevin McCarthy have reached a much-awaited budget detail, averting a potentially catastrophic U.S. default just days ahead of a June 5 deadline.

Both sides are expected to point to some victories in the bill. Biden said Sunday the bill ‘represents a compromise, which means no one got everything they wanted.’

The House released the 99-page text of the deal Sunday evening.

READ THE TEXT HERE:

The agreement would keep nondefense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as provide for a 2-year debt-limit increase.

The agreement would fully fund medical care for veterans at the levels included in Biden’s proposed 2024 budget blueprint, including a fund dedicated to veterans who have been exposed to toxic substances or environmental hazards. Biden sought $20.3 billion for the toxic exposure fund in his budget, and Republican negotiators ensured Sunday that funding was left untouched.

The agreement would expand some work requirements for the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps. It would raise the age for existing work requirements from 49 to 54, similar to the Republican proposal, but those changes would expire in 2030. The White House said it would at the same time reduce the number of vulnerable people – including veterans and people who are homeless – of all ages who are subject to the requirements.

The agreement would rescind about $30 billion in unspent coronavirus relief money that Congress approved through previous bills, with exceptions made for veterans’ medical care, housing assistance, Indian Health Service and some $5 billion for a program focused on rapidly developing the next generation of COVID-19 vaccines and treatments.

The deal puts in place changes in the National Environmental Policy Act for the first time in nearly four decades that would designate ‘a single lead agency’ to develop environmental reviews, in hopes of streamlining the process.

Republicans have long sought to reel back the Biden administration’s efforts to provide student loan relief and aid to millions of borrowers during the coronavirus pandemic. While the GOP proposal to rescind the White House’s plan to waive $10,000 to $20,000 in debt for nearly all borrowers failed to make it into the package, Biden agreed to put an end to the pause on student loan repayment. Once Biden signs the package, the pause in student loan repayments would end within 60 days.

McCarthy, R-Calif., said the House will vote on the legislation Wednesday, giving the Senate time to consider it before June 5 – the date when Treasury Secretary Janet Yellen said the U.S. could default on its debt obligations if lawmakers did not act in time.

Fox News has learned that the House Rules Committee is set to meet at 3 p.m. Tuesday to prepare the debt ceiling bill for floor debate on Wednesday.

The Associated Press contributed to this report.

Bradford Betz is a Fox News Digital breaking reporter covering crime, political issues, and much more. 

This post appeared first on FOX NEWS
You Might Also Like
  • Fauci still getting US Marshal security detail on taxpayers’ dime, despite retirement, documents show
  • Newsom’s mental health plan would take $700 million away from services, redirect money to housing homeless
  • Biden indefinitely blocks millions of acres of land, water from future oil drilling
  • History of voting locations, the reasons we vote in high schools today
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Never Short a Dull Market; AI is Sexy, But Everyone Hates Oil
next post
Lawmakers react to debt ceiling deal reached between House GOP and Biden

You may also like

McCarthy floats meeting with Biden on government shutdown, border

September 27, 2023

Sen. Peter Welch says Israel ground invasion would ‘exacerbate’ conditions...

October 24, 2023

Backers of anti-Israel radicals are funding Dem rival’s Senate run,...

May 11, 2024

Biden admin takes aim at hunters in latest regulation: ‘Preventing...

June 23, 2023

House Judiciary report: ‘No legitimate basis’ for Biden admin to...

March 23, 2023

Johnson rips Biden’s threat to veto $17B Israel aid bill...

February 7, 2024

DOJ told IRS not to interview Joe Biden’s grandchildren in...

June 24, 2023

Gold & Silver Analysis: Key Levels & Trendline Insights

November 8, 2024

Trump or Harris? Israelis discuss presidential choice as war with...

September 7, 2024

Trump trials will make GOP frontrunner’s daytime campaign events a...

February 18, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,633 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Wisconsin Supreme Court race spending tops...

    April 4, 2023

    Nvidia Stock Hits Record High of...

    November 8, 2024

    USD/CHF in a strong up trend;...

    November 12, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here