Ad Blocker Detected
Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.
As many of us are aware, there has been much discussion and negotiation in Congress over the past few weeks regarding the debt ceiling. After much debate, a deal has finally been reached that would both increase the debt ceiling and set spending levels for the next two years. So what exactly is in this debt ceiling deal?
First and foremost, the debt ceiling will be raised by $480 billion and will expire on July 31, 2021. This means that the government will be allowed to continue borrowing money to pay its bills until that date. In addition, there will be an additional $60 billion in borrowing authority for disaster relief efforts.
One of the biggest sticking points in negotiations was determining spending levels for the next two years. The deal sets spending levels of $1.37 trillion for the 2020 fiscal year and $1.375 trillion for the 2021 fiscal year. This includes both defense and non-defense spending.
In addition, the deal includes several policy provisions. One of these provisions will extend funding for various health programs, such as community health centers and medical research programs. It will also repeal three taxes that were originally part of the Affordable Care Act – the medical device tax, the “Cadillac” tax on high-cost employer health plans, and the health insurance tax.
Another policy provision included in the deal is a one-year extension of the National Flood Insurance Program. This program provides coverage to homeowners in flood-prone areas who may not be able to obtain coverage through private insurance companies.
The debt ceiling deal also includes funding for the 2020 Census, which is set to begin next year. This funding will go towards ensuring an accurate count of the population, which helps to determine the allocation of federal funds to states and municipalities.
While this deal is being hailed as a bipartisan agreement, there are still those who are skeptical. Some conservative lawmakers have expressed concerns about the level of spending included in the deal, as well as the lack of offsets to pay for this spending. Others, including some Democrats, feel that the deal does not go far enough in addressing issues such as healthcare and climate change.
Despite these concerns, the debt ceiling deal is seen as a positive step forward in avoiding a potential government shutdown and default on the nation’s debt. The negotiations leading up to this deal were often tense and at times, contentious. However, lawmakers on both sides of the aisle were able to come together to reach an agreement that will keep the government functioning and allow for necessary spending to continue.
In conclusion, the debt ceiling deal includes an increase in the debt ceiling, setting spending levels for the next two years, and several policy provisions. While there are concerns from both sides of the aisle, the agreement represents a bipartisan effort to keep the government functioning and avoid a potential default on the nation’s debt. It is important to note that this deal is not a long-term solution to the issues facing the government, but it is a step in the right direction.
