Debt Ceiling Debate Divides Congress and Parties Alike

President Joe Biden is expected to sign a bill raising the federal debt limit for approximately two years, which passed with bipartisan support. However, the bill will cut federal spending by $55 billion in 2024 and $81 billion in 2025, and Moody’s Analytics estimates that it will result in 120,000 fewer jobs at the end of 2024. Additionally, cuts to Internal Revenue Service enforcement will lead to tax revenues falling, thereby increasing the deficit on net. The article highlights other examples of bipartisan achievements, including the Commodity Futures Modernization Act of 2000 and the Authorization for Use of Military Force Against Iraq Resolution of 2002, which have cost the U.S. trillions of dollars and caused human suffering.