Debt Ceiling Deal Breakdown.

House Speaker Kevin McCarthy and President Biden have struck a deal to suspend the debt limit until the first quarter of 2025, beyond the 2024 elections. The deal does not return spending to 2022 levels and instead keeps non-defense spending about flat, with current 2023 levels for 2024. The White House and McCarthy's negotiating team agreed on overhauling the country's permitting laws, clawing back unspent COVID relief funds, and fully funding medical care for veterans. The agreement doesn't make any changes to the Inflation Reduction Act's clean energy and climate provisions, and there are no new tax increases in the deal.