The Debt Ceiling Deal

In Analysis by Michael Rae

In January 2023, President Biden pledged he would not negotiate with the incoming Republican-controlled House of Representatives over the U.S. government’s statutory debt ceiling.
In May 2023, President Biden caved. Over the last few weeks, the outline of a two-year debt ceiling deal took shape. That deal has now been finalized. USA Today outlines the fiscal measures contained in the deal:
The tentative deal would raise the debt limit on how much the government can borrow through the end of 2024, averting a default that could happen June 5 if the debt ceiling is not raised….
The deal caps annual discretionary spending for

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