Sources reveal discretionary spending cap and changes to the federal food program, among other details
Joe Biden andhave reached an agreement to lift the US debt ceiling and avoid a disastrous and unprecedented default. Prior to the details being presented to lawmakers, ahead of an expected vote on Wednesday, here is what sources familiar with negotiations have revealed:The deal would suspend the $31.4tn debt ceiling until January 2025, allowing the government to pay its bills.
Republicans have told their members that non-defense discretionary spending, apart from military veterans’ healthcare, would be cut to 2022 levels.The debt limit extension schedule means Congress would not need to address the deeply polarizing issue again until after the November 2024 election. This would prevent another political showdown that rattles global investors and markets until after either a Republican is elected president or Biden wins a second term.
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