'I am pleased, so pleased, to announce that both sides have just locked in an agreement that enables the Senate to pass legislation,' Chuck Schumer said.
The Senate voted 63-36 to send a bill raising the nation's borrowing limit to President Joe Biden's desk, ending a months-long political battle that jeopardized the full faith and credit of the United States and risked a potential economic disaster.
Spending for 2024 will remain around current levels, and 2025 spending cannot be raised by more than 1 percent. Along with the caps, the bill decreases mandatory spending by $10 billion. These savings will help lower interest the U.S. pays on its debt by $188 billion.In addition to lowering the debt, the bill raises requirements for childless adults ages 50 to 54 receiving food stipends through the Supplemental Nutrition Assistance Program .
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