The debt limit agreement decreases IRS funding by $20 billion over 10 years

The debt limit agreement decreases IRS funding by $20 billion over 10 years.

“We’ve got good news. I’ve just spoken with Speaker McCarthy. We have a bipartisan budget agreement,” Biden said to reporters at the White House.

The bill would expand work requirements for the Supplemental Nutrition Assistance Program, which now requires able-bodied food stamp recipients aged 18 to 49 to work. That age range would be expanded to 54 — but White House officials said increased exemptions for veterans, homeless and foster families would mean the number of recipients would remain about the same.

“Just the nature of the way we handle the deficit and handle whether we’re going to, each year going to pay our debts, and it’s happened more than once, will probably happen again, but it’s not going to happen at least for another two years here,” Biden said.

“It would cause more controversy getting rid of the debt limit. Although I do — I am exploring the idea that we would, at a later date, a year or two from now, decide whether or not the 14th Amendment, how that actually would impact on whether or not you need to increase the debt limit every year,” he said. “But that’s another day.”