Gateway Pundit 5/28/2023
In a critical development to address the impending debt ceiling crisis, Joe Biden and Speaker of the House Kevin McCarthy (R-CA) have reached a deal on the debt limit.
On Saturday night, The Gateway Pundit reported that Kevin McCarthy announced an “agreement in principle” with Joe Biden on a deal to raise the federal debt ceiling.
While the bill is still being written, here are some of the reported details of the Biden-McCarthy agreement.
The DC swamp proposed the largest debt ceiling increase in our nation’s history, $4 trillion.
The agreement reportedly did not raise the debt ceiling but it extended the debt ceiling deadline until January 1, 2025.
Wall Street Silver
@WallStreetSilv
They didn’t raise the debt ceiling by an amount.
They set a new date of January 1, 2025.
So technically the debt ceiling is now unlimited for the next 19 months.
They did this because actually having to agree to $36 trillion in the headlines would be impossible to pass.
This means that during the next recession in 2023-2024 if tax revenue declines and spending increases, they can borrow an unlimited amount of money for the spending spree to re-inflate the economy.
• Debt ceiling set til 1/1/2025 – which means unknown debt increase – but $4 Trillion is a good estimate…
• Debt Ceiling “Deal” totally scraps the $131BB in cuts to return bureaucracy to pre-COVID levels in favor of what appears to be effectively flat spending (down or up a little) – at the bloated 2023 Omnibus spending level, jammed through in a rush in December
• Debt Ceiling “Deal” abandons work requirements for Medicaid
• Deal abandons our repeal of the so-called Inflation Reduction Act tax-credit crony giveaways – which Goldman Sachs says costs $1.2 Trillion.
• The deal abandons inclusion of the very powerful anti-regulatory REINS Act (which we just passed through House Judiciary as well) in favor of a form of administrative pay-go which is relatively toothless and/or able to be waived.
• The deal abandons full repeal of Biden’s unlawful student loan bailouts – forcing only a re-start to a small number while leaving in place $400 billion+ in loan forgiveness and punting our constitutional duty to the Court.
• The deal keeps full $80BB expansion of the IRS and the 87,000 employees it funds to target poor/minority 3-5x more – except for $1.9BB for this year.
• The deal does claw back $29BB remaining of the COVID unobligated funding which is used as part of the budget games.
• Does nothing for the border. Does nothing regarding pistol braces. Does nothing regarding Presidential overreach. And in many ways kills our leverage to get them through the appropriations process.
• Finally, again… this deal raises our debt ceiling an unlimited amount that is likely close to or over $4 Trillion.
More:
https://www.thegatewaypundit.com/2023/05/here-are-some-reported-details-debt-limit-agreement/
