– Senate Rubber Stamps Debt Ceiling Band-Aid; Biden To Sign Into Law ‘As Soon As Possible’:
As expected, Chuck Schumer’s Senate was a lock for approving the deal to raise the debt ceiling, which will be suspended until January 1, 2025 while spending will remain ‘roughly flat’ for the same period of time “when factoring in agreed upon appropriations adjustments” (oh?), and virtually none of what actual conservatives wanted came to pass.
The 63-36 bipartisan vote means that the legislation will now go to President Joe Biden’s desk – who ‘looks forward to signing the bill into law as soon as possible,’ according to a White House statement.
The Fiscal Responsibility Act suspends the debt ceiling until just after the 2024 elections, in exchange for a 3% cap on increases in military spending, and cuts to undetermined domestic programs. It will leave Medicare and Social Security intact.
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