While the bill is still being written, the general contours of the deal have been described by Democrat and Republican sources. Here’s what we know so far.
to lift the debt ceiling that would trim some US federal spending.
US House Speaker Kevin McCarthy has agreed in principle with President Joe Biden to resolve the country’s debt crisis.The deal would suspend the $US31.4 trillion debt ceiling until January 2025, allowing the US government to pay its bills. In exchange, non-defence discretionary spending would be capped at current year levels in 2024 and increased by only 1 per cent in 2025.
US President Joe Biden secured $US80 billion to help the IRS enforce the tax code for wealthy Americans in last year’s Inflation Reduction Act.The debt limit extension lasts past 2024, which would mean Congress would not need to address the deeply polarising issue again until after the November 2024 presidential election.This would prevent another political showdown that rattles global investors and markets until either a Republican is elected president or Biden wins a second term.
The IRS planned to use the money to hire thousands of new agents, and the extra tax revenue they generated was expected to offset a slew of climate-friendly tax credits. Republicans have argued that auditors will eventually come after middle-class Americans, although the Treasury and Biden said they would focus on high-earning households.
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