What’s in the debt ceiling deal struck by Biden and McCarthy?
The U.S. Senate is debating a bill brokered by President Joe Biden and House Speaker Kevin McCarthy that lifts the government’s $31.4 trillion debt ceiling while imposing spending caps and cuts on Biden’s plan to boost funding for the IRS to audit wealthy Americans, among other things. The Republican-controlled House of Representatives passed the bill on Wednesday evening in a bipartisan 314-117 vote. Here’s a summary of the deal: A CAP ON DISCRETIONARY SPENDING The deal would suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, allowing the U.S. ...
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