{"id":1940288,"date":"2023-05-29T09:15:02","date_gmt":"2023-05-29T13:15:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whats-inside-mccarthys-debt-ceiling-deal-with-biden\/"},"modified":"2023-05-29T09:17:08","modified_gmt":"2023-05-29T13:17:08","slug":"whats-inside-mccarthys-debt-ceiling-deal-with-biden","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whats-inside-mccarthys-debt-ceiling-deal-with-biden\/","title":{"rendered":"McCarthy and Biden&#8217;s Debt Ceiling Agreement: What&#8217;s in it?"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhats-inside-mccarthys-debt-ceiling-deal-with-biden%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1940288&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Breaking News: Debt Ceiling Deal Reached Between McCarthy and Biden<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0528\/385db93f-03a0-43ab-a8fd-39bd21c9d3f4\/audio.mp3?length=6208749&#038;duration=517\"><\/div>\n<p>After months of negotiations, Speaker of the House Kevin McCarthy (R-Calif.) and President Joe Biden have finally reached a deal to raise the debt ceiling. The bill is now headed for a vote in Congress.<\/p>\n<p>Both McCarthy and Biden have praised the deal as a compromise agreement and expressed confidence that it will pass both chambers of Congress. The deal would suspend the debt ceiling until 2025. You can read the full text of the bill <a href=\"https:\/\/docs.house.gov\/billsthisweek\/20230529\/BILLS-118hrPIH-fiscalresponsibility.pdf\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p>The package meets several key Republican demands, including spending cuts, work requirements for government assistance, and other measures.<\/p>\n<blockquote>\n<p>\u201cThere\u2019s so much in this that\u2019s positive,\u201d McCarthy said during a May 28 appearance on Fox News.<\/p>\n<p>\u201cThis is really a step in the right direction,\u201d he added, contrasting this package with previous debt ceilings that saw no spending cuts. \u201cIt puts us on a trajectory that\u2019s different.\u201d<\/p>\n<\/blockquote>\n<h3>What&#8217;s Inside the Package?<\/h3>\n<ul>\n<li><strong>Non-Defense Spending Caps:<\/strong> The deal meets a crucial GOP demand to cap spending on non-defense items. Under the provisions of the deal, non-defense spending will remain at roughly the same level as the year prior, capping at around $637 billion. This will see an approximately one percent increase in fiscal year (FY) 2025.<\/li>\n<li><strong>Stricter Work Requirements for Government Aid:<\/strong> The package will also bolster work requirements to receive some types of government assistance. Specifically, the deal tightens requirements to receive Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF). The bill will ensure that families with children do not have their benefits cut. It also carves out exemptions for the homeless and veterans.<\/li>\n<li><strong>IRS Funding Cut:<\/strong> The deal would cut a portion of funding for the Internal Revenue Service, approved last year as part of the Inflation Reduction Act. That bill gave the IRS $80 billion\u2014more money than the agency had ever received from Congress and six times its previous budget.<\/li>\n<li><strong>Student Loans:<\/strong> Though Republicans hoped to rescind an executive action by Biden canceling up to $20,000 in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">federal student loan debt<\/a>, the package will leave the program untouched. On the other hand, it will end the Biden administration\u2019s pause on student loan payments at the end of the summer.<\/li>\n<li><strong>COVID Aid Clawbacks:<\/strong> The agreement would rescind about $30 billion in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whats-inside-mccarthys-debt-ceiling-deal-with-biden\/\" title=\"McCarthy and Biden's Debt Ceiling Agreement: What's in it?\">unspent coronavirus relief money<\/a> that Congress approved through previous bills, with exceptions made for veterans\u2019 medical care, housing assistance, the Indian Health Service, and some $5 billion for a program focused on rapidly developing the next generation of COVID-19 vaccines and treatments.<\/li>\n<li><strong>No Fossil Fuel Permitting Reform:<\/strong> Though there were bipartisan hopes that the package would include reforms to the permitting process for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-must-create-new-taxes-eliminate-natural-gas-to-meet-climate-pledge-analysts-say\/\" title=\"Biden Must Create New Taxes, Eliminate Natural Gas to Meet Climate Pledge, Analysts Say\">fossil fuel projects<\/a>, the package contains very few provisions.<\/li>\n<\/ul>\n<p>Though many in the GOP caucus are unhappy with the package, thinking it doesn\u2019t go far enough, McCarthy praised the tentative deal for its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/theres-so-much-in-this-thats-positive-mccarthy-defends-debt-ceiling-deal-amid-gop-backlash\/\" title=\"McCarthy defends debt ceiling deal despite GOP backlash, sees positives.\">provisions cutting federal expenditures<\/a>.<\/p>\n<blockquote>\n<p>\u201cThink about this: we were finally able to cut spending,\u201d he said. \u201cWe\u2019re the first Congress to vote for cutting spending year over year.<\/p>\n<p>\u201cSo, you cut that back, you fully fund the veterans, you fully fund defense, but you take that non-defense spending all the way back to lower than \u201922 levels.\u201d<\/p>\n<\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Speaker of the House Kevin McCarthy and President Joe Biden have agreed to raise the debt ceiling after a lengthy standoff. The compromise agreement will be voted on in Congress, with both leaders expressing confidence in its passage.<\/p>\n","protected":false},"author":57,"featured_media":1940289,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[5877,3706,10142,5487,7454,3663,7656],"class_list":["post-1940288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-agreement","tag-bidens","tag-ceiling","tag-debt","tag-it","tag-mccarthy","tag-whats"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1940288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1940288"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1940288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1940289"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1940288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1940288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1940288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}