McCarthy and Biden's debt-ceiling deal could hurt student-loan borrowers and people on food stamps — and cost some Americans their jobs
, and reduce government spending by billions in the coming years.
On Saturday night, McCarthy and President Joe Biden finally reached a deal to raise the debt ceiling before the country is set to hurdle toward a default as early as June 5. This agreement came after months of stalemate due to both parties at odds over the best approach to raise the debt ceiling — Biden wanted the eventual deal to be a clean increase, without any spending cuts attached, while McCarthy refused to stave off a default without spending cuts on many Democratic priorities.
The deal also alters Supplemental Nutrition Assistance Program work requirements for those between 18-54 who do no not have children and are able to work. In order to receive SNAP, these adults must work or be enrolled in job training for at least 80 hours a month. However, the deal also helps expand access to this program for other vulnerable groups, like veterans and unhoused people,
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