BREAKING Biden, McCarthy reach debt limit agreement, per reports
President Joe Biden and House Speaker Kevin McCarthy have come to an agreement to extend the debt ceiling, the Associated Press reported Saturday night, citing a source.
Earlier Saturday evening, President Biden confirmed he talked with McCarthy, as well as Senate Minority Leader Mitch McConnell and House Minority Leader Hakeem Jeffries. Among the cuts were changes to a number of social programs. For instance, McCarthy pushed for additional work requirements for those to receive Supplemental Nutrition Assistance Program food benefits. McCarthy has proposed cuts to Medicaid, which the Congressional Budget Office estimates would increase the number of uninsured Americans by 600,000. He would also change the administration’s rule on income-driven student loan repayments, raising monthly payments for many borrowers.
The Treasury says the U.S. debt limit is “the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.”
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