The modest deal gives both men wins to tout, with Biden protecting major parts of his agenda from Republican cuts and McCarthy scoring several conservative spending caps and changes to government programs.
The agreement would keep nondefense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as suspend the debt limit until January 2025 — past the next presidential election. The legislation aims to limit federal budget growth to 1% for the next six years, but that provision would not be enforceable starting in 2025.
The White House has said that the deal also includes an agreement to take $20 billion from the IRS over the next two years and use that money for other nondefense programs.The agreement would expand work requirements for the Supplemental Nutrition Assistance Program, formerly known as food stamps — a longtime Republican priority. But the changes are pared down from the House-passed debt ceiling bill.
The agreement would also make it slightly harder for states to waive work requirements for SNAP for certain individuals. Current law allows states to issue some exemptions to the work rules on a discretionary basis, but limits how many people can be exempted. The agreement would lower the number of exemptions that a state can issue and curb states’ ability to carry over the number of exemptions they can hand out from month to month.
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Source: CNBC - 🏆 12. / 72 Read more »