Democrats should REALLY NOT be crying about this…..
President Biden done Good…..
Speaker Kevin McCarthy (R-Calif.) released text of the bill to raise the debt limit on Sunday evening as Democratic and Republican leaders work to corral support ahead of this week’s vote.
The bill — which spans 99 pages — raises the debt limit for two years, strengthens work requirements on federal public assistance programs and rescinds roughly $28 billion in COVID-19 funding that went unused.
It caps defense spending at $886 billion for fiscal year 2024 – in line with Biden’s defense budget request from earlier this year – and $895 billion for fiscal year 2025.
Veterans’ medical care is funded at $121 billion for fiscal 2024, while other non-defense discretionary programs get $637 billion, which the White House described as being virtually equal to 2023 when accounting for agreed-upon appropriations adjustments. It also sets budget targets through Fiscal Year 2029.
The bill also rescinds $1.4 billion in funding that was appropriated for the Internal Revenue Service as part of the Inflation Reduction Act, which Democrats passed last summer.
In one area that was particularly tense in negotiations, the bill makes adjustments to work requirements for Temporary Assistance for Needy Families (TANF) and the Supplemental Nutrition Assistance Program (SNAP).
And in a surprise addition to the bill, it includes a measure to expedite completion of the Mountain Valley Pipeline – a major win for West Virginia Sen. Joe Manchin (D) who has long been trying to speed up construction of the natural gas pipeline that had been stalled due to environmental concerns….
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A number of lawmakers, however, have said they are waiting to review bill text before deciding how they will vote on the deal.
After the House, the bill will need to pass in the Senate, where conservative Sen. Mike Lee (R-Utah) has threatened to use procedural maneuvers to delay its passage.
Because of that, Senate Majority Leader Chuck Schumer warned Senate Democrats on Sunday that they may need to stay in session and work on Friday and next weekend in order to…
Senate Republican leader McConnell wants House Republicans his Senate party lawmakers to vote for this ‘deal’…….
Senate Republican Leader Mitch McConnell (R-Ky.) is calling on Senate colleagues, including conservative members of his conference, not to drag out the consideration of the debt-limit deal, which could be delayed past the June 5 deadline if senators use every procedural tool available to slow it down.
McConnell applauded Speaker Kevin McCarthy (R-Calif.) for winning significant concessions from President Biden, including a cut in non-defense discretionary spending, a recission in funding for the Internal Revenue Service, new work requirements for federal assistance programs and permitting reform for major energy projects….
Here’s the text McCarthy has released….
Note…..
The IRS was in line to get a $80B increase in it’s budget going forward…..
McCarthy apparently settled on a $1.4B cut ?….Not the advertised $10B cut ?
Administration officials said on Sunday that they had agreed to repurpose $10 billion of extra I.R.S. money in each of the 2024 and 2025 fiscal years, which would be a loss of a quarter of the $80 billion the agency received for enhanced services and enforcement as part of the Inflation Reduction Act.
But officials said in a call with reporters that they expected no disruptions whatsoever from the loss of that money in the short term. That is likely because all of the $80 billion from the 2022 law was appropriated at once, but the agency planned to spend it over eight years. Officials suggested the I.R.S. might simply pull forward some of the money earmarked for later years, then return to Congress later to ask for more money…..
Note….
McCarthy IS gonna need Democratic votes to getb the deal to Biden’s desk…..
“But it’s a small enough bill that in the service of actually not destroying the economy this week may get Democratic votes,” he said.
Representative Hakeem Jeffries of New York, the House minority leader, said on CBS’s “Face the Nation” that he expected that “there will be Democratic support once we have the ability to actually be fully briefed by the White House.”
But he was clear that he did not like the position Democrats were in.
“We have to, of course, avoid a market crash. We have to avoid tanking the economy. We have to avoid a default,” Mr. Jeffries said. “The reason why we’re in this situation from the very beginning is that extreme MAGA Republicans made the determination that they were going to use the possibility of default to hold the economy and everyday Americans hostage.”…