Biden-McCarthy Debt Limit Deal Puts Government Services on a Diet
- Federal agencies can expect cuts relative to inflation
- Deal barely dents US budget deficits over the next decade
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The debt-limit deal would rein in spending on some federal government services but barely dents the roughly $20 trillion in combined budget deficits projected over the next decade.
The agreement between President Joe Biden and House Speaker Kevin McCarthy reached Saturday won’t dramatically shift the nation’s finances because it mostly takes a slice — out of a slice — of the budget known as discretionary spending.