Debt limit deal reached between Biden and McCarthy.

The bipartisan deal struck by Democratic President Joe Biden and Republican House Speaker Kevin McCarthy extends the debt limit for two years alongside modest federal spending cuts and a series of policy provisions. The 99-page Fiscal Responsibility Act includes a suspension of the debt ceiling until January 1, 2025, spending caps for the next two years, and conservative policy measures such as rescinding unspent Covid relief funds, nixing IRS funding, and slapping work requirements for receiving Supplemental Nutrition Assistance Program and Temporary Assistance for Needy Families benefits on Americans up to 55 years old. The bill overhauls the National Environmental Policy Act with the aim of streamlining permitting for projects. The White House emphasizes the modesty of the spending cuts and notes that the bill makes no changes to Medicaid and leaves Social Security and Medicare untouched.