Factbox: What's in the debt ceiling deal Biden, McCarthy agreed?

[Beachnutt]

Reuters
U.S. President Joe Biden and House Republican Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt ceiling that would trim some U.S. federal spending.

While the bill is still being written, the general contours of the deal have been described by Democrat and Republican sources. Here's what we know so far:
A CAP ON DISCRETIONARY SPENDING

The deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. In exchange, non-defense discretionary spending would be capped at current year levels in 2024 and increased by only 1% in 2025.
The U.S. government will spend $936 billion on non-defense discretionary spending in 2023, the Office of Management and Budget estimates, money that goes to housing, education, road safety and other federal programs.
snip
https://www.reuters.com/markets/us/whats-debt-ceiling-deal-biden-mccarthy-are-negotiating-2023-05-26/

[doc03]

1. To me it looks like a reasonable deal. But what will the Coup Caucus do?

Crash the economy? Vote Kev out and officially replace him with nutjob MTG?

[erpowers]

2. Win For Democrats

So far I only skimmed over the article, but from what the article said this seems to be more of a win for Democrats than Republicans. Democrats get the debt ceiling raised and will not have to go through this for two years. Spending is only capped for one year. After that spending can go up 1%. Republicans were able to get work requirements for SNAP benefits, but not for medicare/medicaid. Republicans wanted the requirements to go up to 56; they only got up to 54. It seems to me that Democrats got more than they gave.

Maybe with the way Kevin McCarthy negotiated he can now go back to Republicans and claim he was able to get Democrats to give up things they were previously not willing to give up even though Democrats were always willing to give a little. Also, this now put the pressure on Kevin McCarthy and his Republican colleagues. Now, Democrats, if Republicans reject the deal, can argue they compromised on everything Republicans wanted. Since Republicans foolishly admitted that the debt ceiling debate was a hostage taking event, if they reject the deal Democrats can respond by saying that is just more of the Republican Party hostage taking.

Dark Brandon and team won again.

[2naSalit]

3. Biden doesn't give up...

Anything that doesn't have a workaround somewhere.

[CousinIT]

4. Republicans: "the debt is too high!" Also Republicans: "DEFUND THE IRS!"

Duhhhh.

If you're short of money to pay your bills in your house, a CUT in your paycheck will NOT help. You need more REVENUE.

Republicans can't do budgets, economy or math.

[forthemiddle]

5. I heard an end to the student loan pause

In 60 days people will have to start paying on the student loans again after the Covid pause.

[Bucky]

6. I wonder if they'll slip new VA $$ under the "defense spending" exception

I bet I could come up with a decent argument for how building new low-cost housing is defense spending. That's a big damn loophole.

Of course the real need for defense spending is replacing all the artillery & missiles sent over to Ukraine. We've burned thru a LOT of ordnance to jam up the Russians. Totally worth it, but that's make one hell of decent jobs program just replenishing our ordnance supplies.