President Biden and House Speaker Kevin McCarthy have reached an agreement in principle to bolster the country's borrowing capacity and avert a default. Negotiators are now working swiftly to finalize the bill's language. The House aims to vote on the bill by Wednesday, giving the Senate ample time for review ahead of the June 5 deadline.
Although a lot remains unclear, both sides will be able to tout some wins from the agreement. As the specifics come to light, we'll find out more.
Two Years: The deal would extend the debt ceiling for two years, through the 2024 presidential election, while maintaining non-defense expenditure at about the same level in fiscal year 2024 and increasing it by 1% the following year. That's according to a source with knowledge of the arrangement who spoke on the record while requesting anonymity.
Veteran Care: The deal would completely finance medical care for veterans at the levels outlined in Biden's suggested 2024 budget strategy. This includes a fund specifically designated for soldiers who have been exposed to harmful chemicals or environmental risks. In his budget, Biden requested $20.3 billion for the hazardous exposure fund.
Job Requirements: The Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps, would have some job requirements expanded as a result of the deal. Similar to the Republican proposal, the deal would raise the age for current employment requirements from 49 to 54, although such changes would not take effect until 2030. Additionally, the White House declared that it will simultaneously decrease the proportion of vulnerable individuals of all ages who are subject to the rules.
Energy-Related Projects: In an effort to streamline the process, the agreement amends the National Environmental Policy Act to name "a single lead agency" that will be responsible for developing environmental evaluations.
Student Debt: Republican attempts to overturn Biden's efforts to waive $10,000 to $20,000 in debt for practically all borrowers of student loans were unsuccessful. But Democrats refused to support the clause. The budget agreement maintains Biden's student debt relief, but the Supreme Court will ultimately have the final decision.
Although a lot remains unclear, both sides will be able to tout some wins from the agreement. As the specifics come to light, we'll find out more.
Two Years: The deal would extend the debt ceiling for two years, through the 2024 presidential election, while maintaining non-defense expenditure at about the same level in fiscal year 2024 and increasing it by 1% the following year. That's according to a source with knowledge of the arrangement who spoke on the record while requesting anonymity.
Veteran Care: The deal would completely finance medical care for veterans at the levels outlined in Biden's suggested 2024 budget strategy. This includes a fund specifically designated for soldiers who have been exposed to harmful chemicals or environmental risks. In his budget, Biden requested $20.3 billion for the hazardous exposure fund.
Job Requirements: The Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps, would have some job requirements expanded as a result of the deal. Similar to the Republican proposal, the deal would raise the age for current employment requirements from 49 to 54, although such changes would not take effect until 2030. Additionally, the White House declared that it will simultaneously decrease the proportion of vulnerable individuals of all ages who are subject to the rules.
Energy-Related Projects: In an effort to streamline the process, the agreement amends the National Environmental Policy Act to name "a single lead agency" that will be responsible for developing environmental evaluations.
Student Debt: Republican attempts to overturn Biden's efforts to waive $10,000 to $20,000 in debt for practically all borrowers of student loans were unsuccessful. But Democrats refused to support the clause. The budget agreement maintains Biden's student debt relief, but the Supreme Court will ultimately have the final decision.
