From Breakingviews - Breakingviews: Biden gives little, gets less in debt ceiling deal
A person sits outside the U.S. Capitol after U.S. House Speaker Kevin McCarthy reached a tentative deal with President Joe Biden to raise the United States' debt ceiling and avoid a catastrophic default, in Washington, U.S. May 27, 2023.
After months of negotiation, Biden and McCarthy reached an agreement just nine days before U.S. Treasury Secretary Janet Yellen said the country was expected to run out of cash. The deal lifts the debt ceiling about $4 trillion from its current level of $31.4 trillion, extending the government’s borrowing power for. It conveniently allows Biden to avoid a similar standoff before the 2024 presidential election.
The actual changes made to the budget swing in conservatives’ favor. It redirects $10 billion of funding away from the Internal Revenue Service that was meant to modernize the system. In effect that might have helped the government collect more in taxes – the revenue side of the budget equation that was woefully missing from the current deal. The White House also caved to Republicans’ push for work requirements for federal aid programs.
The budget for fiscal 2025 will be capped at a 1% increase from today’s level. The agreement also sets more stringent work requirements for food aid and claws back unspent Covid-19 funds.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
LSU's Sa'Myah Smith Passes Out During President Biden's Speech At White HouseLSU player Sa'Myah Smith passed out during the Tigers' visit to the White House ... but thankfully, she's doing okay.
Baca lebih lajut »
A closer look at President Biden's national antisemitism strategyThe four pillars of the national strategy include raising awareness, improving security, reversing normalization and building solidarity
Baca lebih lajut »
President Biden releases strategy to tackle rise in antisemitismPresident Joe Biden announced what he said is the most ambitious and comprehensive undertaking by the U.S. government to fight hate, bias and violence against Jews.
Baca lebih lajut »
President Biden to Honor UConn Men’s Basketball Team at White HouseThe 1999 Huskies were honored by President Bill Clinton, the 2004 Huskies were honored by President George W. Bush, and President Barack Obama honored UConn in both 2011 and 2014.
Baca lebih lajut »
President Biden, House Speaker Kevin McCarthy strike tentative debt ceiling dealPresident Biden and House Speaker Kevin McCarthy have struck a tentative deal to raise the debt ceiling on Saturday night, sources close to the talks have said. The deal to raise the government&82…
Baca lebih lajut »
Debt ceiling talks making 'progress' McCarthy says, talks narrow on deal ahead of looming deadlinePresident Joe Biden and the Republican speaker hope to strike a budget compromise this weekend.
Baca lebih lajut »