"Key Insights from the Recent US Debt Ceiling Vote"

Congress passed a debt-limit deal that includes spending caps, modest streamlining on permits, a haircut for the IRS, more work requirements for safety net programs, Covid clawbacks, the return of student loan payments, and limits on defense spending. Republicans got static funding for non-defense programs, additional work requirements on adults ages 50 to 54, and caps on defense spending. Democrats protected clean-energy incentives, expanded SNAP to several new vulnerable groups, and fended off House GOP demands that would have ended the payment pause, blocked student debt cancellation, and prevented Biden from moving ahead with a new income-driven repayment plan aimed at lowering monthly payments.