A tentative deal to raise the debt ceiling that would increase the debt limit for two years is now in the hands of Congress.
that would increase the debt limit for two years but some Republicans and Democrats say that they are not on board with this.The ultimate agreement, hammered out by Biden, McCarthy and a small group of their deputies, is a two-year budget deal that would essentially hold spending flat for 2024 while boosting it for defense and veterans and capping increases at 1% for 2025. It would suspend the debt limit until January 2025, after the next presidential election.
Former White House Economic Adviser Steve Moore joined The National Desk Tuesday to discuss the issue and the likelihood of it passing. "I think it will pass the House and I think it will pass the Senate but it could be a narrow margin. You know, there has been a lot of opposition on both the left and the right in terms of what is in this deal," Moore said. "As a conservative, I'd say that for the most part, McCarthy got a lot of the things that he wanted. He got some of the work for welfare requirements. There is a cap on government spending, something that Republicans desperately wanted.
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