Biden and McCarthy agree on debt ceiling deal to avoid default.
TL;DR Summary
President Biden and Republican leader Kevin McCarthy have agreed to suspend the US debt ceiling until January 2025, while non-defense discretionary spending would be "roughly flat" at current year levels in 2024. The deal would also increase defense spending to around $885bn and claw back unused Covid-19 relief funds. Work requirements would be imposed on low-income people who receive food assistance, and new rules would make it easier for energy projects to gain permit approval. The agreement would prevent another political showdown until after the November 2024 election.
- Biden, McCarthy agree to raise US debt ceiling – what’s in the deal? The Guardian US
- WH and Speaker McCarthy reach tentative debt ceiling deal, avert default MSNBC
- Biden and McCarthy Reach Debt Ceiling Deal to Avert U.S. Default The New York Times
- Opinion | The debt deal is done, but the debt limit itself needs to be scrapped The Washington Post
- The No Good, Not That Bad Debt Ceiling Deal New York Magazine
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