President Biden and House Speaker Kevin McCarthy announced a deal to increase the government debt limit so the U.S. can avoid a default and economic turmoil.
to increase the government’s debt limit, enabling the nation to avoid a debt default and economic turmoil.
McCarthy successfully clawed back $20 billion of this money gradually, repurposing much of the funds to non-defense discretionary spending. , it forbids his administration from unilaterally suspending student loan payments after the end of August. Biden has repeatedly extended this suspension and last August, announced the limited cancellation program. This executive order quickly faced legal challenges, notably from the right.
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