Debt ceiling deal - Texas AG impeached - Insurer limits California policies

Source: Congressional Budget Office

1. Summary
   President Biden and House Speaker McCarthy reached a deal to suspend the debt limit until January 2025 to avoid a national default. The deal would cap non-defense discretionary spending for the next two years and reduce non-defense spending in fiscal year 2024 by 7% from this year.
   
   The deal does not include House Republicans' demand that federal spending be frozen at last year's levels. However, it includes some other GOP goals: it would retract $10 billion of the $80 billion of increased funding for the IRS, increase work requirements for food stamp recipients, and claw back unspent Covid-19 emergency funds.
   
   Some analysts said Republicans could have achieved the deal's spending caps through normal spending authorizations, implying that they did not win much by using the debt ceiling to negotiate. Progressive Democrats also criticized Biden's concessions. But McCarthy and House Minority Leader Hakeem Jeffries said they expect to have enough votes from their respective parties to pass the bill.

   Highly-rated - last 48 hrs
   Bipartisan debt limit package unveiled as clock ticks toward ‘x date.’
   Roll Call (Center) • Factual Grade 81% • 7 min read
   

1. Different political viewpoint
   Debt ceiling deal abandons GOP-backed budget cuts, curtails future spending caps.
   Reason (Moderate Right) • Factual Grade 81% • 4 min read

1. Selected long-read
   Biden, McCarthy face potential revolt over debt ceiling deal.
   The Hill (Center) • Factual Grade 68% • 5 min read

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