Just a reminder in the Debt Ceiling negotiations.
https://www.cnbc.com/2023/05/29/whats-in-the-debt-ceiling-deal-struck-by-biden-and-mccarthy.html
A cap on discretionary spending
The deal would suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, allowing the U.S. government to pay its bills.
In exchange, non-defense discretionary spending would be “roughly flat” at current year levels in 2024, “when factoring in agreed upon appropriations adjustments,” according to White House officials.
They estimated that total non-defense discretionary spending excluding benefits for veterans would total $637 billion for the 2024 fiscal year, down marginally from $638 billion the year before. That total would also increase by 1% in 2025.
A breather for the 2024 election
The debt limit extension lasts past 2024, meaning Congress would not need to address the deeply polarizing issue again until after the November 2024 presidential election.
Still, tough conversations about how to allocate money under the new spending caps will need to take place in Congress this year.
Increased defense spending
The deal would boost total defense spending to $886 billion, in line with Biden’s 2024 budget spending proposal.
That is about a 3% increase from the $858 billion allocated in the current budget for the Pentagon and other defense-related programs in other agencies.
Moving special IRS funding
Biden and Democrats secured $80 billion for a decade in new funding to help the Internal Revenue Service enforce the tax code for wealthy Americans in last year’s Inflation Reduction Act, a move the administration said would yield $200 billion in additional revenue over the next 10 years.
‘Paygo’
Republicans secured a budgeting mechanism known as “Paygo,” which is short for pay-as-you-go, that says new government agency actions affecting revenues and spending should be offset by savings.
But the law would give Biden’s budget director the opportunity to issue waivers to that requirement and it would also limit judicial review of the decisions.