House and Senate Pass Debt Ceiling Bill

On the night of May 31^st, the House in a Bipartisan vote passed the McCarthy-Biden Debt deal.    The Bill passed 317 to 117, with 71 Republicans and 46 Democrats voting “No”.  The Senate followed by approving the bill on June 1^st by a vote of 63-36, clearing the way for signature by the President. The bill, deemed the Fiscal Responsibility Act, will suspend the US’s $31.4 trillion debt ceiling until January 1^st, 2025, capping the US at 2021 spending levels.  Overall, US spending over the next two years will slightly increase, adjusted for inflation according to the Congressional Budget Office. One of the key points of the deal was an increase in SNAP work requirements. They were raised from 49 to 54, meaning that able body adults 54 and younger will only be able to receive SNAP benefits unless they track 20 or more work hours per week.  In addition to this, exemptions of SNAP work requirements were granted to veterans, homeless, and young adults transitioning out of the foster care system.  Both McCarthy and Biden acknowledged that the bill was a compromise, and that not everyone will get what they want.  In an era of partisanship, both leaders are going to face political heat from their respective flanks on the passage of the bill.