The $31 trillion debt ceiling until january 1, 2025 and also placing new restraints on nondefense spending. it claws back $30 billion in covid relief. rescinds $20 billion of irs funding, expand work requirements for some americans on food assistance and in august ends the pause on federal student loan payments. social security, medicaid and veterans benefits are preserved. absent, tax increases on big corporations and the wealthiest americans, a top demand from democrats. mr. president, what do you say from members of your own party that say you made too many concessions in the deal? they ll find i didn t. thanks, elizabeth. walk us through this critical week ahead to get this legislation passed by that june 5 deadline. whit, white house officials say they re ramping up briefs with congress ahead of the vote wednesday. if the bill passes the house, it could immediately head to the
Un in unspent covid funds and rescinds $1.9 billion out of $80 billion in new funding percent irs. members of the house are expected to vote on the bill as early as wednesday or thursday. if the bill is passed, it will then head to the senate for a vote. the president and lawmakers have just nine days to passes the bill and get it signed into law or risk debt default after treasury secretary janet yellen pushed the deadline back to june 5th. and reporters were treated to chipotle last night by speaker mccarthy after putting in long hours to cover negotiation. the full text of the bill will be released later today. back to you. will: thank you. rachel: thank you. well, you know, i mean, the republicans have been trying to get the deal, you know, going. they seem to be bragging that it s okay. there s a few dissenters who say it s not enough because, of course, we increased spending by, like, $2 trillion just in the last couple years. but it claws back $29 billion in
Inning spending, consequential reforms that will rein in government overreach. there are no new taxes, no new government programs. jason: here is what we mow is in the deal: it suspends the debt ceiling until after 2024 election, no increase in non-defense spending for the next fiscal year, and it caps it at 1% the following fiscal year. it also increases defense spending and money for veterans. we re also learning it claws back some unspent covid-19 pandemic funds and cuts nearly $2 the billion in money used to hire new irs agents. it also reportedly expands work requirements for some adults receiving food stamps but no work requirement changes for medicaid. the house republicans are expected to come back to the washington on tuesday and and vote on the bill on wednesday. we ll take it up with congressman brian mast and congresswoman beth van duyne. meanwhile, china has spent the
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Schumer have no right to play politics with the debt. now that we have introduced a clear plan for responsible, debt limit increase, they have no more excuse and refuse to negotiate. the plan raises the debt ceiling by $1.5 trillion or it suspends the debt ceiling through march 31st, next year, whichever comes first. it claws back unused covid dollars and it reverts spending to levels from the last fiscal year. republicans wanted to get something on the table, as the president remains silent. i would love to push through that and i would like to get it done sooner rather than later and really put that ball into chuck schumer and the senate s court. mccarthy and president biden have not discussed the debt ceiling since winter. the president refuses to negotiate. speaker mccarthy is engaging in dangerous economic