The president and his negotiators believe they worked out a deal that allowed Republicans to claim big spending cuts even as the reality was far more modest.
Category: Federal Budget (US)
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How to Enforce a Debt Deal: Through ‘Meat-Ax’ Cuts Nobody Wants
The debt-limit legislation includes a provision meant to force both sides to pass additional bills following through on their deal: the threat of automatic cuts if they fail to do so.
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Here’s What’s in the Debt Ceiling Deal
Two years of spending caps, additional work requirements for food stamps and cuts to I.R.S. funding are among the components in the deal.
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Despite Debt Limit Deal, 14th Amendment Questions Linger
President Biden has been considering ways to challenge the constitutionality of the debt limit to defuse the risk of default.
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What’s in the Bipartisan Debt Limit Agreement
Spending caps, additional work requirements for food stamps and a new natural gas pipeline are just several of the components in a deal President Biden and Speaker Kevin McCarthy reached to prevent default.
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Why the Debt Limit Spending Cuts Likely Won’t Shake the Economy
With low unemployment and above-trend inflation, the economy is well positioned to absorb the modest budget cuts that President Biden and Republicans negotiated.
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Yellen’s Debt Limit Warnings Went Unheeded, Leaving Her to Face Fallout
The Treasury secretary, who considered ways to contain the fallout of a default when she was a Fed official in 2011, had urged Democrats to raise the limit while they still had control of Congress.
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Time Is Running Out for Congress to Raise the Debt Ceiling
With a June 5 deadline looming, there is much to be done to prevent the default that leaders of both parties said would never happen.
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Yellen Expects U.S. to Run Out of Cash by June 5 as Debt Talks Continue
The latest estimate is a slight extension from the previous June 1 deadline and comes as Republicans and the White House are trying to reach an agreement to raise the debt ceiling and avoid a crippling default.
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Military Spending Emerges as Big Dispute in Debt-Limit Talks
President Biden has offered to freeze discretionary spending, including for defense. Republicans want to spend more for the military, and cut more elsewhere.