![]() The gist from leaders on both sides: “PLEASE, FOR THE LOVE OF GOD, VOTE FOR THIS!” See the poll results here.ĪLWAYS BE CLOSING: Now that the text is out, the big hurdle is getting enough lawmakers to swallow their objections in service of preserving the full faith and credit of the United States of America. And two out of three believe the FDA should focus its efforts on Tobacco Harm Reduction. adults 21+ surveyed support Tobacco Harm Reduction as the right path forward for tobacco regulation. Student loan repayment … While we wait for the Supreme Court to render judgment on Biden’s student loan relief program, the president agreed to completely end the repayment pause that has been in place since the Trump administration at the end of August. JOE MANCHIN (D-W.Va.) - would get a green light from Congress. The bill picks one big winner, though: West Virginia’s Mountain Valley Pipeline - a key priority of Sen. It would at the same time fully exempt veterans, the unhoused and those who were recently in foster care for the first time.Įnvironmental permitting … The long-rumored “permitting reform” element of the deal turned out to be less than monumental - amounting to a new “shot clock” for federal environmental reviews, limiting them to one or two years. Work requirements …Adults 49 and under currently need to meet work requirements to receive SNAP nutrition benefits, and the bill would gradually raise that age to 54. The bill itself rescinds $1.4 billion of the funding first provided in the Inflation Reduction Act, and the White House says it could shift $20 billion more to backfill other nondefense spending. IRS rollbacks…After Republicans spent months railing President JOE BIDEN’s push for $80 billion in Internal Revenue Service funding, the deal would divert a chunk of that money, meant to boost tax enforcement and crack down on fraud. There are cutouts for some programs such as veterans health care and Covid-19 treatment and vaccine research. (Note that with annual inflation still over 4%, both amount to a real-dollar cut.)Īppropriations incentives … The bill gives Congress some encouragement to actually pass their annual appropriations bills rather than simply sidestep the new budget caps with a full-year CR: If the 12 spending bills aren’t passed by year’s end, a 1% spending cut would be enforced - applied evenly to defense and nondefense accounts to keep the pressure bipartisan.Ĭovid aid clawbacks … Nearly $30 billion in unspent relief money Congress approved during the height of the pandemic would be clawed back from dozens of programs. ![]() Defense spending would rise about 3% next year, while nondefense spending would remain essentially flat. Spending caps … Negotiators agreed to place limits on overall discretionary spending for the next two fiscal years, but they notably agreed to break the principle of “parity” between defense and nondefense spending that had been key to previous budget agreements. 1, 2025, but the Treasury Department’s “extraordinary measures” will be replenished during that time, pushing the next X-date at least several months later. The text suspends the debt ceiling until Jan. Raising the debt limit … The debt ceiling won’t be a problem again until well after the next presidential election. Here are the key provisions from the bill: | Jose Luis Magana/AP PhotoĭEBT DEAL VIBE CHECK - Last night, with just over one week until a potential federal default, the House released the 99-page Fiscal Responsibility Act that, if passed, would pare back government spending, marginally adjust federal policies around aid programs and environmental permitting and, most importantly, avert a self-inflicted economic catastrophe. Kevin McCarthy went on an immediate blitz, addressing reporters, briefing his members and spinning the deal on “Fox News Sunday” in the first 12 hours after the deal was announced.
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