After weeks of having the entire country on edge, President Joe Biden and Speaker Kevin McCarthy finally agreed on a deal on the US Debt Ceiling, avoiding a historic default that would mean millions of people might lose their jobs in an economic catastrophe. This raises the question, what is in it?

The House Republicans and Democratic President Joe Biden have been bickering for weeks as the June 5 deadline loomed, with neither side agreeing on the details of how to stop the country from defaulting. This ended last Saturday as both sides now seek to convince lawmakers in their respective parties to support the bipartisan bill.

This might be easier said than done as far-right Republicans and more progressive Democrats might oppose the compromises made by Biden and McCarthy to reach the deal.

According to Al Jazeera News, should the deal pass, it would place a two-year debt limit suspension, as well as impose spending limits. There will be cuts to spending, except for defense, which might not sit well with the more progressive Democrats.

However, the agreement would also fully fund medical care for veterans as intended by Biden's proposed 2024 budget blueprint, as well as rescind about $30 billion in unspent coronavirus relief money to gain back some extra funds.

Biden also made more compromises to Republicans as the bill basically rescinds $1.4 billion in funding for the IRS to crack down on tax fraud. It would also expand work requirements for the Supplemental Nutrition Assistance Program, also known as food stamps. This means that the maximum work requirement age to get food stamps would be expanded from 49 to 54.

As for McCarthy, he agreed to have expanded benefits for veterans, homeless people, and young people aging out of foster care. The House Speaker was not able to pass the Republican proposal to rescind the White House's plan to waive $10,000 to $20,000 in student loan debt but was still able to make Biden put an end to the student loan repayment pause imposed during the pandemic.

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What Was Left Out of the US Debt Ceiling Agreement?

According to the BBC, both McCarthy and Biden had to agree on several things that had to be left out in order to stop the US from defaulting. For Democrats, this meant they had to give up on the tax hikes for wealthy Americans. The new bill did not contain any new taxes at all.

As for Republicans, the key provisions of the Inflation Reduction Act's clean energy and climate provisions were not repealed as they had wanted. As mentioned earlier, they were also unable to rescind Biden's plan to forgive student loan debt.

What Is Next for the US Debt Ceiling Agreement?

The plan now moves to Congress, where McCarthy and Biden are trying to get other members of their party to agree. However, there were mixed reactions when the bill was finally revealed.

According to CBS News, Republican Rep. Dan Bishop of North Carolina tweeted a vomit emoji and claimed that Republicans got "almost zippo in exchange" for the debt ceiling hike. However, other Republicans, like South Dakota's Dusty Johnson, stated that the majority of the party is likely to go with McCarthy.

 As for Democrats, not all are happy with the compromises either, with Rep. Jim Himes of Connecticut saying he is tempted to say no. Despite this opposition from his own party, however, Biden says he is confident that the bill would pass.

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Written by: Rick Martin

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