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When the people fear their government, there is tyranny.
When the government fears the people, there is liberty.
-- Thomas Jefferson

During times of universal deceit, telling the truth
becomes a revolutionary act.  -- George Orwell

First they ignore you, then they ridicule you, then they
fight you, then you win.  -- Mahatma Gandhi

More details Carthy debt ceiling deal

Posted on | May 28, 2023 | No Comments

President Biden and House Speaker Kevin McCarthy (R-Calif.) have reached a tentative deal to raise the debt ceiling to 2025, Axios has learned from sources in both parties.

Why it matters: The deal could put Congress on track to increase the debt ceiling — and avoid a catastrophic default by the U.S. government — before the June 5 deadline laid out by Treasury Secretary Janet Yellen on Friday.

Details: The deal between Biden and McCarthy — who spent 90 minutes on the phone Saturday evening — would raise the debt ceiling until January 2025 in exchange for spending cuts and deficit reduction measures, according to sources familiar with the negotiations.

  • Spending: Non-defense discretionary spending would be kept roughly flat in 2024, with a 1% increase in 2025 and no caps on growth afterward.
  • Welfare work requirements: Changes to Temporary Needy Assistance for Needy Families (TANF) and phased-in time limits for Supplemental Nutrition Assistance Program (SNAP) recipients under age 54 until 2030. Medicaid is unchanged.
  • Defense: The plan includes $885 billion Biden sought in his 2024 budget proposal, up from just under $800 billion in the 2023 budget. Veterans Affairs spending also would be increased.
  • Permitting reform: Streamlines the environmental review process to speed up approval for new energy projects.
  • COVID aid: Claws back $29 billion in unspent COVID aid.
  • IRS funding: Rescinds $1.9 billion of the $70 billion in funding for new Internal Revenue Service agents in the Inflation Reduction Act.
Category: Uncategorized

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