The agreement raises the government debt ceiling until March 2017 and sets the government budget through the 2016 and 2017 fiscal years. The main reason for this is that the current deal eliminates restrictions from the Budget Control Act of 2011 that enforced a strict limit on the debt and triggered automatic government spending cuts.
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Despite a broad budget deal, fights over Planned Parenthood, the environment and other policy issues still threaten a spending bill to keep the government running, reviving the possibility of a holiday season shutdown.
The Appropriations committees must write legislation to reflect the spending and they face a December 11 deadline to finish the work.
The deal was quietly negotiated with congressional leaders and the White House by Boehner before it was unveiled on Monday.
“Debt payments comprise 6 percent of all spending now, but will more than double to 13 percent in 2025”, said Demian Brady, The National Taxpayers Union Foundation’s director of research. It might be the last one that he would be handling as he’s resigning his position as speaker of the House and would be leaving Congress. The Senate would tackle the bill soon but approval could be announced by Monday yet.
However, the conservative Tea Party movement, which started in 2009, has exercised increasing popularity in Republican Party primaries to select candidates for Congress.
Ryan supported the final budget proposal, but said the process by which it came together “stinks”-and promised that “under new management”, the “people’s business” would be conducted differently”.
Under President Obama’s leadership, the combined debt of all federal, state and local governments will have risen to over $23 trillion, or about 120 percent of America’s GDP.
Work later said that details of the so-called “Third Offset” technology development push, a signature effort for both Work and Secretary of Defense Ash Carter, will become more clear when the FY 2017 budget request drops in February.
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“And by locking in two years of funding, it should finally free us from the cycle of shutdown threats and last-minute fixes”. But this swings to annual deficit reductions of $4.9 billion to $9 billion between fiscal 2018 and fiscal 2025. This is especially true for a few of the most vulnerable-like seniors and the disabled, who depend on Social Security and Medicare. Instead, under the budget deal, both domestic and defense spending will increase nearly equally. New Jersey housing advocates are calling on the Senate to vote in favor of the budget which would increase sequestration caps and urge full funding for the U.S. Department of Housing and Urban Development’s budget to address the nation’s housing affordability crisis.
