According to the details in the 99-page debt ceiling agreement, the Republican House Speaker Kevin McCarthy and President Joe Biden agreed on the idea of the debt ceiling not being an issue again until after the 2024 election.
Another is to increase defense spending and veteran funding. The Republican-led House passed a bill that would have cut veterans' spending, and Biden refused to increase defense spending if the House was forcing him to kill food stamps. The two parties came off of both.
The two parties also agreed to a 1% cap on non-defense spending increases for the 2025 fiscal year.
They also agreed on work requirements for food stamps, but only for certain adults without children, who aren't elderly or disabled.
They also agreed that some of the IRS funding would be descended. Republicans opposed fully funding the IRS. The IRS and Democrats explain that without more people to work for the agency, they can't press millionaires and billionaires to pay their taxes. It costs the United States billions in revenue, so to increase revenue, Biden pressed to give the department the resources they needed to get the money owed.
"The deal would shift $10 billion each in fiscal years 2024 and 2025 in funding away the Internal Revenue Service, but officials believe the IRS can make due in the near term since they were funded over a 10-year period. They may need to seek more funding from Congress for future years," one of the officials told Reuters.
You can read the full 99 pages below or at the link here.
