The tentative agreement between President Joe Biden and House Speaker Kevin McCarthy to raise the national borrowing limit for two years reportedly holds nonmilitary discretionary spending flat and includes work additional work requirements for able-bodied agreements who receive government assistance.

Under the terms of the deal, the debt limit would be raised for two years, meaning it would not be reached again until after the 2024 election. Nonmilitary spending would stay flat in fiscal 2024 and rise 1% in 2025. The deal also expands work requirements on able-bodied adult🔯s to receive food stamps and Temporary Assistance for Needy Families (TANF) up to age 54 from 49, with waivers for veterans and those experiencing homelessness.

The deal still must pass the Republican-controlled House of Representatives and the Democrat-controlled Senate if the government is to avoid running out of cash to pay its bills and potentially miss making certain payments—a date that could come as soon as June 5, Treasury Secretary Janet Yellen has warned. 

In January, the national debt overtopped the $31.𝐆4 trillion debt limit set by Congres🐎s. The country has continued paying bills on borrowed time ever since by shuffling payments and using other tactics the Treasury calls “extraordinary measures.” 

If the deal goes through and the debt limit is raised before the government runs out of cash, it will be the 澳洲幸运5官方开奖结果体彩网:fourth time since 1995 that the government has narrowly avoided defaulting on its payments. 

Even if it’s ultimately resolved, the latest debt limit standoff has rattled financial markets and caused a major credit agency to warn it may 澳洲幸运5官方开奖结果体彩网:downgrade the credit rating of the government.