Tag

Spending Caps

All articles tagged with #spending caps

spacescience1 year ago•6 min saved

"NASA's Tough Choices: Navigating Budget Constraints for 2025 Space Missions"

NASA's fiscal year 2025 budget proposal of $25.384 billion is constrained by spending caps, leading to delays, potential cancellations, and uncertainty for many science programs. The proposal reflects a reduction of more than $2.3 billion from earlier ambitions, with hard choices being made, particularly in science programs. The budget includes canceling the Geospace Dynamics Constellation mission, restructuring Earth System Observatory missions, and reducing spending on existing space telescopes. The Mars Sample Return program remains uncertain, and funding for commercial space stations and Artemis lunar exploration efforts is virtually unchanged. NASA attributes these constraints to the debt ceiling agreement and anticipates waiting until at least fiscal year 2026 for stronger budgets.

via SpaceNews|

#budget #nasa #science-programs

politics2 years ago•1 min saved

Debt ceiling raised as Biden signs bill.

President Biden signed a bill to raise the debt ceiling into 2025, which includes agreements on spending caps, claws back unused COVID-19 relief funds, adds work requirements for certain individuals getting government assistance, and rescinds some of the funding provided to the IRS in last year’s Inflation Reduction Act. The bill was passed with bipartisan support in both the Senate and the House. The legislation was the product of weeks of negotiations between Biden and Speaker Kevin McCarthy (R-Calif.) and their respective teams.

via WJW FOX 8 News Cleveland|

#biden #bipartisan #covid-19-relief-funds

politics2 years ago•10 min saved

"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.

via POLITICO|

#covid-relief #debt-ceiling #politics

politics2 years ago•4 min saved

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.

via CBS News|

#covid-relief-funds #debt-ceiling #energy-permitting-reform

politics2 years ago•3 min saved

Democrats criticize Biden-McCarthy debt deal and question its contents.

Key Democrats have criticized the debt ceiling deal struck between President Biden and Speaker Kevin McCarthy, which would lift the debt limit and cap spending over the next two years. House Minority Leader Hakeem Jeffries was cagey about shoring up enough Democratic support to seal the deal, while Progressive Caucus Chair Pramila Jayapal said she can’t say how she’ll vote without the text of the agreement being available yet. The deal is likely to face opposition from both Democrats and Republicans, setting up a crucial test for Congress to avoid default this week.

via The Hill|

#biden #debt-ceiling #democrats

politics2 years ago•5 min saved

Debt ceiling negotiations inch forward, but challenges remain.

Bipartisan negotiators have made progress but have not reached a consensus on a debt ceiling deal as Washington heads into the Memorial Day weekend. The negotiators are reportedly eyeing a two-year increase in the debt ceiling, to be accompanied by spending caps of the same duration. However, there is no agreement yet on top-line spending levels, nor is there agreement on a one- or two-year extension of the debt limit. The emerging deal seems to exclude a number of policy reforms featured in the GOP’s House-passed bill, including provisions to repeal green-energy subsidies, end Biden’s student loan forgiveness program and increase congressional authority over federal regulations.

via The Hill|

#bipartisan-negotiations #debt-ceiling #democrats

politics2 years ago•4 min saved

US Debt Ceiling Negotiations Continue Between Biden and McCarthy Teams.

The White House and congressional Republicans are finalizing a deal to raise the US government's $31.4tn debt ceiling for two years while capping spending on everything but military and veterans. The deal would increase funding for discretionary spending on military and veterans while essentially holding non-defense discretionary spending at current year levels. A failure to raise the debt ceiling could trigger a default that would shake financial markets and send the US into a deep recession. The agreement would leave many details to be sorted out in the weeks and months ahead, and each side will have to persuade enough members of their party in the narrowly divided Congress to vote for any eventual deal.

via Reuters|

#bipartisan-agreement #joe-biden #kevin-mccarthy

politics2 years ago•4 min saved

Biden's Efforts to Break Debt-Limit Impasse with McCarthy After G7 Summit

Talks between President Biden and Speaker Kevin McCarthy on raising the US borrowing limit have stalled due to disagreements over spending caps, work requirements, and new Republican proposals. While both sides have found some agreement, they remain far apart on key issues, including how much to spend overall next fiscal year on discretionary programs and how to divide that spending between the military and other programs. The two men were set to speak by phone on Sunday in hopes of re-energizing the sputtering talks, after a weekend in which Republican leaders and White House officials have traded accusations from half a world away.

via The New York Times|

#politics #president-biden #republicans

politics2 years ago•5 min saved

Debt limit negotiations progress with potential impact on Social Security.

Negotiators from both parties are making progress towards a bipartisan deal to raise the $31.4 trillion debt limit, with a framework for a deal expected by Sunday. The deal is likely to include a few years of spending caps and work requirements that stop short of touching the Medicaid program as Republicans had sought. The length of a debt limit extension could also be longer than Republicans wanted. Lawmakers are optimistic that a vote on a deal could come as early as next week.

via Roll Call |

#bipartisan-deal #debt-limit #negotiations