Key Takeaways From Biden-McCarthy Deal to Avert US Default
- Caps non-defense spending, lifts debt limit for two years
- Expands work requirements for food aid to age 54 from 49
This article is for subscribers only.
President Joe Biden and House Speaker Kevin McCarthy compromised on bitterly contested disputes over federal spending and assistance for the poor as part of their debt-limit deal. They must now sell the agreement to lawmakers from both parties.
Here’s a look at the most contentious and economically consequential provisions of the legislation they unveiled on Sunday, just days before the Treasury is projected to run out of cash on June 5.