The Congressional Budget Office estimates the deal struck by House Speaker Kevin McCarthy will axe $1.5 trillion from the deficit over the next decade, while increasing the total number of individuals relying on food stamps despite new work requirements.
CBO released the estimates Tuesday after conducting an analysis of the legislation. The non-partisan agency found that overall the legislation would cut federal spending by more than $1.3 trillion through 2033.
The agreement would waive the $31.4 trillion debt limit until after the 2024 presidential election, claw back billions of dollars in unspent pandemic relief, and cut more than $20 billion in IRS funding. The agreement would also expand work requirements for recipients of food stamps and direct cash payments.
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