Speaker Kevin McCarthy expressed disappointment that debt ceiling negotiators weren't able to"look at all" government spending, such as entitlements.
Biden and many Democrats took a victory lap after the Fiscal Responsibility Act of 2023, a compromise legislation, contained no cuts to the programs. But others, such as former Vice President Mike Pence, have been adamant that the GOP must make reforms to the programs, which are careening toward insolvency.
If the spending caps outlined in the bill are retained for six years, it could reduce the deficit by $2.1 trillion, according to a preliminary assessment from the Congressional Budget Office. However, the budget caps are only required for the first two years.
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