What’s Inside?! Details of Biden-McCarthy Tentative Debt Ceiling Agreement

What's Inside?! Details of Biden-McCarthy Tentative Debt Ceiling Agreement

(ConcernedPatriot.com) – Joe Biden and Speaker of the House Kevin McCarthy (R-CA) have agreed on a tentative debt limit, which is crucial in addressing the looming debt ceiling problem.

According to reports, Biden and McCarthy reached an “agreement in principle” on a plan to raise the nation’s debt ceiling.

“I just got off the phone with the president a little while ago,” McCarthy wrote on Twitter. We have reached a fundamental understanding that is honorable to the American people after he squandered time and refused to negotiate for months.”

House Majority Leader Steve Scalise (R-LA) says a vote will likely occur on Thursday.

McCarthy briefly addressed the audience and stated that the agreement “includes unprecedented reductions in spending, substantial reforms that will raise people out of poverty and into the workforce, rein in government overreach, no new taxes, and no new government programs. The bill contains a lot more information. To complete all of the writing for it tonight. We still have work to do.”

The deal, which was arrived at after weeks of difficult discussions, tries to stop a catastrophic financial disaster brought on by the Democrats.

Here are some of the reported features of the Biden-McCarthy agreement while the law is still being crafted. The DC swamp suggested a $4 trillion debt ceiling raise, the greatest in our country’s history.

The debt ceiling deadline was reportedly extended to January 1, 2025, but the accord reportedly did not lift the debt ceiling.

Rep. Matt Rosendale (R-MT) claims that the new agreement DOES NOT include the termination of all 87,000 IRS agents, the IRA green energy subsidies, the student loan redistribution program, or a freeze on spending at FY2022 levels.

Rep. Chip Roy (R-TX) provided the following additional information on the agreement:

  • The debt ceiling is established until January 1, 2025, which means there will likely be a rise in debt, but $4 trillion is a reasonable estimate.
  • The “Deal” on the debt ceiling completely discards the $131 billion in cutbacks intended to restore bureaucracy to its pre-COVID levels in favor of what appears to be virtually flat expenditure (down or up a little) at the inflated 2023 Omnibus spending level rammed through in a hurry in December.
  • Debt Ceiling “Deal” drops Medicaid work requirements.
  • The deal gives up on our efforts to abolish the so-called Inflation Reduction Act’s crony tax-credit handouts, which according to Goldman Sachs, cost $1.2 trillion.
  • The agreement forgoes the extremely potent anti-regulatory REINS Act (which we recently pushed through House Judiciary as well) instead of an administrative pay-go that is comparatively impotent and or may be waived.
  • The agreement forgoes complete repeal of Biden’s illegal student loan bailouts, compelling only a few to restart their payments while keeping $400 billion or more in loan forgiveness and deferring our constitutional obligation to the Court.
  • Except for $1.9 billion for this year, the agreement maintains the IRS’s $80 billion expansion and the 87,000 workers it funds to target people with low incomes and minorities 3-5 times more.
  • The agreement does recover the remaining $29BB of the COVID unobligated funding utilized to play budget games.
  • It does nothing for the border crisis. It does nothing about pistol braces. It does nothing to address presidential overreach. And it effectively eliminates our ability to use leverage to get them through the appropriations process.
  • Finally, this agreement raises our debt ceiling indefinitely, probably by more than $4 trillion.

Sen. Rand Paul (R-KY) said the conservatives have been sold out again.

The tentative deal must still be voted on and approved which should be on May 31, 2023.

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