Jun 01, 2023
Debt Ceiling Deal Reduces Deficits in the Short Term but Delays a More Comprehensive Budge
THE TAX FOUNDATIONJust days before the X date, President Biden and House Speaker McCarthy reached a deal to suspend the debt ceiling until January 2025. In total, the CBO estimates it would reduce deficits by $1.5 trillion over the next decade. What's included? The debt ceiling deal, among other things, places limits on discretionary spending over the next two years, expands work requirements for food and income assistance programs, rescinds unspent pandemic relief funds,... more
