The deal, which they hope will be passed by the House of Representatives and Senate in the coming days, was posted on an official congressional website.
U.S. President Joe Biden delivers remarks on the bipartisan budget agreement in the Roosevelt Room of the White House on May 28, 2023.President Joe Biden and Republican House Speaker Kevin McCarthy on Sunday signed off on an agreement to temporarily suspend the debt ceiling and cap some federal spending in order to prevent a U.S. debt default.
The deal, written into legislative text that they hope will be passed by the House of Representatives and Senate in the coming days, was formally posted on anThe deal would suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, allowing the U.S. government to pay its bills.would be "roughly flat" at current year levels in 2024, "when factoring in agreed upon appropriations adjustments," according to White House officials.
They estimated that total non-defense discretionary spending excluding benefits for veterans would total $637 billion for the 2024 fiscal year, down marginally from $638 billion the year before. That total would also increase by 1% in 2025.The debt limit extension lasts past 2024, meaning Congress would not need to address the deeply polarizing issue again until after the November 2024 presidential election.
Still, tough conversations about how to allocate money under the new spending caps will need to take place in Congress this year.
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