One outcome is clear as Washington reaches for a budget deal in the debt ceiling standoff, COVID era big spending ends.
with $4.5 trillion in savings as an opening offer in negotiations. Both have emboldened McCarthy to push hard for a deal.
While the politics of the debt limit have intensified, the nation’s debt is nothing new. The U.S. balance sheets have been operating in the red for much of its history, dating to before the Civil War. That’s because government expenditures are routinely more than tax revenues, helping to subsidize the comforts Americans depend on — national security, public works, a federal safety net and basic operations to keep a civil society running. In the U.S.
“We actually showed that we know how to drive down poverty and drive up health insurance amid what would have been rising hardship,” she said. A case in point: A core group of Midwestern Republican lawmakers prevented a rollback of the Inflation Reduction Act’s biofuel tax credits their colleagues wanted to scrap, persuading McCarthy to leave that out of the House bill. The federal money is propping up new investments in corn-heavy agriculture states.
In fact, Democrats say if Republicans spare defense and veterans from reductions, the cuts on the other departments would be as high as 22%.
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