President Biden and House Speaker Kevin McCarthy negotiated a deal that cut some federal spending, but also suspended the debt ceiling and allowed unlimited federal borrowing through 2024.
Recent passage of the costly Inflation Reduction Act, ongoing military aid to Ukraine and the broad resistance in Congress to significant spending cuts are expected to push the annual budget deficit closer to $2 trillion in the coming years. Committee for a Responsible Federal Budget President Maya MacGuineas said a"serious change" is needed to reverse the federal government's fiscal outlook.
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