What is in the US debt ceiling deal?
Posted on AllSides May 29th, 2023
From The Center
Manuel Balce Ceneta/AP
ANALYSIS
The bipartisan deal agreed by US president Joe Biden and Republican House Speaker Kevin McCarthy has one main purpose: to stop America from defaulting on its debt in early June, when the Treasury is projected to run out of cash to pay all its bills. Here are the key provisions of the fiscal pact as it heads to Congress for voting.
The legislation raises the US’s $31.4tn debt ceiling for two years. Technically, it is a suspension of the borrowing limit until 2025, but the effect will be the same,...
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