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Debt Deal at A Glance: What's in The Deal Additional Takeaways

The deal reached between Congress and the White House suspends the debt ceiling until February 7, 2014 and reopens the government by funding it through January 15, 2014. It also establishes a House-Senate committee to develop a budget plan by December 13th. The deal includes back pay for furloughed federal workers and tightens verification for those applying for federal subsidies under the Affordable Care Act. Democrats wanted an earlier deadline to try repealing sequester cuts, but the current deal means automatic spending cuts of $19 billion will occur on January 15th.

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74 views

Debt Deal at A Glance: What's in The Deal Additional Takeaways

The deal reached between Congress and the White House suspends the debt ceiling until February 7, 2014 and reopens the government by funding it through January 15, 2014. It also establishes a House-Senate committee to develop a budget plan by December 13th. The deal includes back pay for furloughed federal workers and tightens verification for those applying for federal subsidies under the Affordable Care Act. Democrats wanted an earlier deadline to try repealing sequester cuts, but the current deal means automatic spending cuts of $19 billion will occur on January 15th.

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Debt Deal at a Glance

Whats in the Deal


What the Deal Does Debt Ceiling Suspends the debt ceiling through Feb. 7, 2014 The debt ceiling suspension is technically open to a vote of Congressional disapproval, which Obama could (and almost certainly would) veto Reopens and funds the government through Jan. 15, 2014 Establishes House-Senate committee to deliver budget recommendations by Dec. 13, 2013 Tightens verification of income for those applying for federal subsidies under the ACA Deal includes back pay for federal workers furloughed during shutdown Similar measure previously passed the House

Additional Takeaways

Budget

Overriding Obamas veto would require a two-thirds majority; such a vote is highly unlikely Funding the government to Jan. 15 is not ideal for Dems; most wanted an earlier deadline in order to attempt a repeal of sequester cuts earlier in the fiscal year Dems say theyre confident the language wont change the law in practice

ACA

Shutdown

Whats Next? An earlier government funding deadline would have allowed Democrats to demand higher spending levels; instead, under the current budget deal, spending for 2014 will automatically be reduced by $19 billion on or about Jan. 15, 2014 Senate voted 81-18 to adopt the measure; Republicans John Cornyn, Ted Cruz, and Marco Rubio among those who voted nay House voted 285-144 to adopt the measure, with 87 Republicans supporting the bill
Source: Michael D. Shear, Senators Near Fiscal Deal, but the House is Uncertain, New York Times Oct. 14, 2013; Erik Wasson and Alexander Bolton, Senate leaders near debt deal to end shutdown, raise debt limit,The Hill, Oct. 15, 2013; Burgess Everett, Jake Sherman and Manu Rajiu, Senate reaches deal to end shutdown, avert default, Politico, Oct. 16, 2013.

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