Debt Ceiling Agreement Includes Cuts to the IRS, Ending Biden’s Freeze on Student Loans

Not enough, to be honest.the debt limit for two years “for the beginning on the date of the enactment of this Act and ending on January 1, 2025.” the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government outstanding on January 2, 2025, exceeds RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL DEBT.

EXTENSION LIMITED TO NECESSARY OBLIGATIONS.—An obligation shall not be taken into account under subsection unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before January 2, 2025. PROHIBITION ON CREATION OF CASH RE20 SERVE DURING EXTENSION PERIOD.—The Secretary of the Treasury shall not issue obligations during the period specified in subsection for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.

The bill would also exempt veterans, the homeless and people who were children in foster care from food-stamp work requirements — a move White House officials say will offset the program’s new requirements, and leave roughly the same number of Americans eligible for nutrition assistance moving forward.

Sen. Joe Manchin got a win with permit reforms because the bill “has new measures to get energy projects approved more quickly by creating a lead agency to oversee reviews and require that they are completed in one to two years.”

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