Debt-Ceiling Deal Reached Days Before Default Deadline

Posted on AllSides May 28th, 2023
From The Right
Evelyn Hockstein/Reuters

Speaker Kevin McCarthy (R., Ky.) and President Joe Biden reached an agreement, in principle, to raise the debt ceiling for two years on Saturday night, potentially averting a national economic crisis.

Early reports of the deal suggest that non-defense-related discretionary spending would be capped at a 1 percent increase until 2025, pushing the next contentious round of negotiations until after the 2024 presidential election. Moreover, nearly $2 billion President Biden had allocated to the IRS via the Inflation Reduction Act would be rescinded alongside a $29 billion clawback of unused government pandemic funds....

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