Some $886 billion will be spent on defense, according to the bill text. Also, $10 billion in funds repurposed from mandatory programs and $23 billion that’s designated as emergency funding will be shifted. Under the legislation, $11 billion in rescinded unobligated Covid-19 relief funds and $10 billion in money shifted from the Internal Revenue Service will be used to beef up non-defense discretionary spending. Non-defense discretionary spending for fiscal 2024 will be capped at about $704 billion, of which $121 billion will be for veterans’ medical care and $583 billion will be for other areas, according to a source familiar with the legislation.īut the adjustments will bring the resources available for spending outside of veterans’ medical care to $637 billion for the coming fiscal year, compared to $638 billion for the current one. After fiscal 2025, there are no budget caps, just non-enforceable appropriations targets.Īccording to a House GOP fact sheet, non-defense discretionary spending will be rolled back to fiscal 2022 levels and topline federal spending will be limited to 1% annual growth for the next six years. Non-defense spending will remain relatively flat in fiscal 2024 and increase by 1% in fiscal 2025, after certain adjustments to appropriations are made, according to a White House official. This removes it as a potential issue in the 2024 presidential election. The legislation suspends the nation’s $31.4 trillion debt limit through January 1, 2025. With Congress’ approval, it now moves to President Joe Biden to be signed into law. The bill text was released on Sunday evening, and leaders of both parties spent days securing support for the legislation by casting it in ways favorable to their side. The Senate just passed the debt ceiling bill.
(Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images) Saul Loeb/AFP/Getty Images The world's biggest economy could face severe disruption with Republicans threatening to refuse the usual annual rubber stamping of a rise in the legal borrowing limit, and this could push the United States into default. The US Treasury Department building is seen in Washington, DC, January 19, 2023, following an announcement by the US Treasury that it had begun taking measures Thursday to prevent a default on government debt, as Congress heads towards a high-stakes clash between Democrats and Republicans over raising the borrowing limit.
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