The bipartisan agreement between President Biden and House Speaker Kevin McCarthy to waive the debt limit until after the 2024 elections will have a big impact on student loan borrowers.
SEE ALSO: CBO: Biden-McCarthy debt limit deal will cut deficit by $1.5 trillion, increase food stamp enrollees
“Our belief is that there needs to be some time to at least extend the pause until the administration can get their other debt repayment plan sort of up and running so that people aren’t being thrown into this limbo,” said Rep. Pramilia Jayapal, Washington Democrat and Progressive Caucus chair.and House Republicans.
The agreement would waive the $31.4 trillion debt limit until after the 2024 presidential election, claw back billions of dollars in unspent pandemic relief, and cut IRS funding. It would also cap federal spending growth at 1% next year. “The agreement protects my and congressional Democrats’ key priorities and legislative accomplishments,” Mr.
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