Congress Approves Deal to Raise Debt Ceiling and Impose New caps on Spending
- The bipartisan bill lifts the debt ceiling until January 2025 and sets new discretionary spending limits to cut deficits.
- The bill includes provisions to impose work requirements on SNAP and Medicaid, speed up approval of some energy projects, end the student loan payment pause, and claw back some unspent COVID-19 relief funds.
- The deal faced objections from the far left and far right in Congress but passed with support from centrists in both parties.
- Republicans demanded budget cuts and policy concessions in exchange for their vote to lift the debt ceiling.
- Failure to lift the debt ceiling would have led to an unprecedented U.S. default with catastrophic economic consequences.
























































































































































































