{"id":1941233,"date":"2023-05-31T10:52:02","date_gmt":"2023-05-31T14:52:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-whats-in-the-debt-ceiling-deal-and-who-benefits\/"},"modified":"2023-05-31T10:55:34","modified_gmt":"2023-05-31T14:55:34","slug":"heres-whats-in-the-debt-ceiling-deal-and-who-benefits","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-whats-in-the-debt-ceiling-deal-and-who-benefits\/","title":{"rendered":"Debt ceiling deal contents and beneficiaries."},"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\">12<\/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%2Fheres-whats-in-the-debt-ceiling-deal-and-who-benefits%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=1941233&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>Debt Ceiling Deal Reached: Who Wins and Who Loses?<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0530\/7376dfa1-b28b-4c8d-aaac-85304461da0d\/audio.mp3?length=9152973&#038;duration=763\"><\/div>\n<p>Republican and Democratic leaders in Congress both portray the long-awaited deal to raise the nation\u2019s debt ceiling as a win for their side.<\/p>\n<p>The Fiscal Responsibility Act of 2023, unveiled on May 29, ends a months-long disagreement between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) over the terms for increasing the borrowing limit. The deal would suspend the country\u2019s $31.4 trillion debt limit through Jan. 1, 2025.<\/p>\n<p>After racing to complete a compromise agreement over Memorial Day weekend, each <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-whats-in-the-debt-ceiling-deal-and-who-benefits\/\" title=\"Debt ceiling deal contents and beneficiaries.\">side emerged claiming victory<\/a>.<\/p>\n<blockquote>\n<p>\u201cThe deal that the president is announcing today, we think, is a good one,\u201d White House officials told reporters on May 29.\u00a0\u201cIt protects the historic economic gains we\u2019ve made, really allowing one of the strongest recoveries on record to continue by taking the threat of default off the table into 2025.\u201d<\/p>\n<p>\u201cI believe this is an agreement in principle that\u2019s worthy of the American people,\u201d McCarthy told reporters on May 29. \u201cIt has historic reductions in spending, consequential reforms that will lift people out of poverty and into the workforce, and reign in government overreach. There are no new taxes, no new government programs.\u201d<\/p>\n<\/blockquote>\n<p>Here\u2019s a look at major provisions of the Fiscal Responsibility Act of 2023 and who stands to gain\u2014or lose\u2014from it.<\/p>\n<h3>Debt Ceiling Suspension<\/h3>\n<p>The United States nearly reached its statutory borrowing limit of $31.4 trillion in January. A political standoff ensued, centered on how much, for how long, and under what terms, Republicans would agree to raise the debt ceiling.<\/p>\n<p>The GOP\u2019s starting offer was a debt limit increase of $1.5 trillion, or until the end of March 2024, whichever came first.<\/p>\n<p>That was included in the Limit, Save, Grow Act, which the Republican-controlled House passed in April. The bill also included spending cuts and other provisions aimed at <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-federal-reserve-has-some-very-bad-news-for-biden-and-the-democrats\/\" title=\"The Federal Reserve Has Some Very Bad News for Biden and the Democrats\">reducing federal spending<\/a> and stimulating the economy.<\/p>\n<p>Democrats claim the Fiscal Responsibility Act of 2023 is a win for their own party in that it suspends the debt limit through Jan. 1, 2025. That delays any further wrangling over the issue until after the 2024 election.<\/p>\n<p>A suspension of the debt ceiling is different from an increase as the agreement is limited by time, not the dollar amount of the U.S. debt. Under this provision, the Treasury Secretary can borrow as much as necessary to pay interest on the national debt and carry out the spending initiatives approved by Congress.<\/p>\n<h3>Caps and Cuts<\/h3>\n<p>The bill reduces non<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/conservatives-rally-against-1-5-trillion-omnibus-spending-bill\/\" title=\"Conservatives Rally Against .5 Trillion Omnibus Spending Bill\">-defense discretionary spending<\/a> in 2024 by about $1 billion, or about 0.2 percent. The amount will increase by only 1 percent in 2025. After that, the bill stipulates spending targets, though they are not enforceable spending caps.<\/p>\n<p>McCarthy claims this is the largest spending cut in the nation\u2019s history. Democrats say they\u2019ve basically held the line on spending and refused cuts to social services demanded by the GOP.<\/p>\n<p>Any reduction in spending is magnified by inflation, which remains at 4.9 percent, according to the U.S. Bureau of Labor Statistics, so this doesn\u2019t appear to be a win for Democrats. And the modest cuts achieved here could be the prelude to more significant spending reductions, some analysts say.<\/p>\n<h3>IRS<\/h3>\n<p>The IRS loses $20 billion in funding in the Fiscal Responsibility Act, which is a partial win for Republicans.<\/p>\n<p>The GOP had hoped to rescind all $80 billion allocated to the agency through the Inflation Reduction Act. The president said the funding is necessary to modernize the agency to go after <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sen-elizabeth-warren-introduces-bill-to-triple-irs-budget\/\" title=\"Sen. Elizabeth Warren introduces bill to triple IRS budget\">wealthy tax cheats<\/a>. Republicans feared the money would be used to create an army of auditors to harass ordinary Americans and small businesses.<\/p>\n<p>The GOP settled for moving $10 billion a year for two years into other non-defense discretionary categories.<\/p>\n<h3>Medicaid, SNAP, TANF<\/h3>\n<p>The age limit for work requirements attached to Supplemental Nutrition Assistance Program (SNAP) benefits will increase.<\/p>\n<p>This was a major point of contention during negotiations. Republicans saw the move as helping both individuals and the economy by helping people move from welfare to work. Democrats believed it would be another burden on people who were already having <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-votes-to-legalize-marijuana-dems-applaud-it-as-racial-justice-bill\/\" title=\"House Votes To Legalize Marijuana; Dems Applaud It As \u2018Racial Justice Bill\u2019\">difficulty finding employment<\/a> that paid enough to support them.<\/p>\n<p>The compromise solution requires able-bodied non-parents receiving Supplemental Nutrition Assistance Program benefits who are 50 to 54 years old to work for 20 hours a week. The previous age requirement was 18 to 49 years old.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Fiscal Responsibility Act of 2023, announced on May 29, resolves the dispute between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) over raising the debt ceiling. Both Republican and Democratic leaders claim victory.<\/p>\n","protected":false},"author":1793,"featured_media":1941234,"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":[18700,10142,27645,3715,5487],"class_list":["post-1941233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-beneficiaries","tag-ceiling","tag-contents","tag-deal","tag-debt"],"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\/1941233","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\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1941233"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1941234"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1941233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1941233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1941233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}