a compromise on a wide-ranging budget deal Monday that would increase federal spending and suspend the debt ceiling for two years. That means that the government will be able to borrow enough money to cover its expenses for two more years.
The deal would increase spending for both military and domestic programs by nearly the same amount, according to multiple media reports.To offset the spending increases, the budget will include $75 billion in cuts. In total, federal spending would be increased by $320 more than what the budget would have been if mandatory sequestration, or budget cuts, took place. The debt ceiling is the maximum amount of money—set by Congress—that the government can borrow to pay its bills. If the government doesn’t have enough money to meet its obligations, it’ll default on its debt, which will likely send global markets into a panic, make it harder to borrow in the future and likely throw the economy into turmoil.
In the current deal, the debt ceiling would be suspended for two years. That means the government can borrow as much as it needs in order to pay off its current debts and obligations for two more years. After the suspension ends, the debt ceiling will automatically be raised to reflect how much was borrowed.
The most recent budget will be the last to deal with sequestration cuts, which will end in 2021, according to
Grammar
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