US Debt Limit Deal: Key Takeaways & What Comes Next

May 30th 2023 7:58am EDT

A bipartisan deal finally brokered between US President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) suspends the debt ceiling until 2025 and imposes caps on non-defense discretionary spending. McCarthy released the bill’s text on Sunday evening, initiating the 72-hour review period before the House vote.

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