{"id":47706,"date":"2023-06-29T13:41:38","date_gmt":"2023-06-29T17:41:38","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=47706"},"modified":"2023-10-25T17:35:59","modified_gmt":"2023-10-25T21:35:59","slug":"what-the-debt-limit-deal-included","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/what-the-debt-limit-deal-included\/","title":{"rendered":"What the Debt Limit Deal Included"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_single_image image=&#8221;47707&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]In the heat of the throwdown on Capitol Hill concerning the debt limit, <a href=\"https:\/\/www.arffinancial.com\/development\/what-a-debt-ceiling-default-means-for-small-business\/?urlsource=blog\">we wrote about<\/a> what a default would mean for small businesses. But as expected, the debit ceiling was lifted with several concessions. Today we\u2019ll dive into the bi-partisan agreement that eased a lot of fears across the globe\u2014including those of many small businesses.<\/p>\n<p>The debt limit deal is a 99-page agreement that President Biden and speaker Kevin McCarthy came to just days before the United States defaulted on its financial obligations. To recap, the <a href=\"https:\/\/usafacts.org\/articles\/whats-the-history-of-debt-ceiling-increases-in-the-us\/\">debt ceiling<\/a> (or debt limit) \u201cis a restriction on how much the federal government can borrow to pay its bills and allocate funds for future investments. When Congress appropriates or directs government money to be spent, the government is obligated to pay those funds, creating a bill it must pay\u201d as explained by usafacts.org. When the bill for the <a href=\"https:\/\/www.usa.gov\/federal-budget-process\">federal budget<\/a> Congress passes each year comes due\u2014which could be years after its original passage\u2014the United States has an obligation to pay it. If it can\u2019t, the U.S. risks default. This means that social security recipients, veterans, and more stop getting the funds they rely on to live. It spells doom for the country and our allies across the globe.<\/p>\n<p>The debt-limit showdown happens on a regular basis, and the debit limit is usually lifted without argument. When we\u2019re operating with a highly partisan congress, however, a debate can ensue\u2014one that aims to curb spending (despite the fact that the bills we\u2019re expected to pay are part of an agreement that was already reached by both houses of congress). This past debate brought about several concessions in order to raise the debt ceiling (which is currently set to $31.4 trillion) until January 1, 2025.<\/p>\n<p>Included in the bill that lifted the debt limit were restrictions to spending over the next 2 years and policy updates that weren\u2019t necessarily favored by the Democratic arm of congress: work requirements for those 55 and younger who receive benefits through the Supplemental Nutrition Assistance Program (SNAP) plus Temporary Assistance for Needy Families, with exceptions for veterans and homeless people,\u201d and approval of the Mountain Valley Pipeline that \u201c<a href=\"https:\/\/www.capito.senate.gov\/news\/in-the-news\/senate-passes-debt-ceiling-deal-including-mountain-valley-pipeline-approval\">crosses 9 counties to bring natural gas to eastern markets<\/a>\u201d and is considered by Democrats to be harmful to the environment. There were also caps for the next 2 years on non-defense discretionary spending.<\/p>\n<p>In the final hours of negotiations, the \u201cCongressional Budget Office said the spending restrictions in the package would reduce deficits by $1.5 trillion over the decade, a top goal for the Republicans trying to curb the debt load\u201d according to the <a href=\"https:\/\/apnews.com\/article\/debt-limit-biden-mccarthy-house-votes-c8484d7fcd1e38fa593e5dc79c910747\">Associated Press<\/a>. With the passage of this deal, the Treasury is able to keep borrowing money to pay the bills our country has already incurred.<\/p>\n<p>Overall neither political party was particularly thrilled with the outcome of the deal. But one thing we can be sure of is that it\u2019s highly likely we\u2019ll be back in this same spot come January 2025.<\/p>\n<p>The Financial Pantry, ARF Financial\u2019s leading blog, covers everything from marketing trends to government programs\u2014and much more. Catch up with us each week for the latest small business news and updates, and then <a href=\"https:\/\/www.arffinancial.com\/development\/?urlsource=blog\">check out our best-in-class loan products<\/a> to learn if a <a href=\"https:\/\/www.arffinancial.com\/development\/loans-by-product\/revolving-line-of-credit\/?urlsource=blog\">revolving line of credit<\/a> might be just the thing to help your business reach its financial goals.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;47707&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]In the heat of the throwdown on&#8230;<\/p>\n","protected":false},"author":5,"featured_media":47707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[698],"tags":[398,402,400,399,443,386,535,220,213,944,943,401,224,222,172,226,1102,142],"class_list":{"0":"post-47706","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-small-business-financing","8":"tag-affordable-business-loans","9":"tag-affordable-small-business-growth","10":"tag-business-expansion","11":"tag-business-growth","12":"tag-business-line-of-credit","13":"tag-business-loans","14":"tag-equipment-leasing","15":"tag-flex-pay-loans","16":"tag-line-of-credit","17":"tag-marketing","18":"tag-operations","19":"tag-small-business-expansion","20":"tag-small-business-financing","21":"tag-small-business-funding","22":"tag-small-business-growth","23":"tag-small-business-loans","24":"tag-what-the-debt-limit-deal-included","25":"tag-working-capital"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - 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