With debt deal struck, McCarthy scores win for GOP, avoids U.S. default

The “agreement in principle” includes many wins for the American public. It’s a two-year budget deal that will hold government spending flat for 2024 and increase it by 1% for 2025 while raising the nation’s borrowing limit for the same period. It limits top-line federal spending to 1% annual growth for the next six years. Small spending increases were given for veterans affairs and defense.

The nonpartisan Committee for a Responsible Federal Budget described it as “the first major deficit-reducing budget agreement in almost a dozen years.” The 99-page deal also designates “a single lead agency” to develop environmental reviews, with the goal of streamlining the federal permitting process for energy projects. It claws back unspent COVID-19 funding and slashes $400 million from the Centers for Disease Control and Prevention’s Global Health Fund, which sends taxpayer money to China. It nixes funding to the IRS to hire more agents. It most importantly rejects all of Mr.

said of the negotiations. He added that work requirements on food stamps had been a “red line” for Democrats but that they ultimately caved.Copyright © 2023 The Washington Times, LLC.

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