Debt ceiling deal won’t have much impact on the US economy, analysts say
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CNN By Bryan Mena, CNN Washington, DC (CNN) — President Joe Biden and House Republicans have finally agreed on a deal to raise the government’s debt ceiling, including changes to the federal budget in a number of areas. Analysts say the agreement could have only marginal effects on the US economy.
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New: A preliminary CBO estimate found that the Fiscal Response Act – the debt-limit package set to be voted on by Congress this week – could cut spending by $2.1T if proposed budget caps...
CNN By Bryan Mena, CNN Washington, DC (CNN) — President Joe Biden and House Republicans have finally agreed on a deal to raise the government’s debt ceiling, including changes to the federal budget in a number of areas. Analysts say the agreement could have only marginal effects on the US economy.
Congressional forecasters say the debt ceiling deal struck by President Biden and House Speaker Kevin McCarthy over the weekend would reduce deficits by about $1.5 trillion over the next decade.
Spending would fall by $1.3 trillion, debt service costs would decline, and IRS funding cuts would reduce revenues, the CBO said Tuesday night. | Economy
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