Speaker Kevin McCarthy is rushing forward a vote on a bipartisan agreement to hike the nation’s debt limit until after the 2024 election, even as a brewing revolt from hard-right members of the House Freedom Caucus casts doubt on his future as leader.
secured an immediate $1.4 billion cut to IRS funding and then the agreement to cut another $20 billion over the next two years through the appropriations process.
Mr. Biden wanted no spending caps. House Republicans initially sought a $130 billion cut to non-defense spending this year and a decade’s worth of spending caps. They also wanted to cancel Mr. Biden‘s student-loan forgiveness program and rescind more than $200 billion in green energy tax credits that Democrats passed last year.
The legislation specifies, however, that the White House’s Office of Management and Budget can waive the new rule if it’s necessary for efficiency or the timely “delivery of essential services.” The bill further states that OMB’s waiver cannot be challenged by the courts.
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