President Joe Biden's administration and Republicans in the U.S. Congress are in talks to end their standoff over raising the $31.4 trillion debt ceiling, haggling over vastly different proposals that both claim to cut deficits by trillions of dollars.
request doubles down on his economic agenda to shrink inequality, with pre-K, childcare and more healthcare. It is paid for by with tax increases on wealthy Americans and corporations.
Discretionary spending in the federal budget refers to funds for everything except mandatory programs such as Social Security and Medicare. It is at the heart of the partisan dispute. But the bill does not specify how this 4.1% cut from the 2023 level of $1.736 trillion would be allocated among programs. Republicans have objected to the Biden administration'sthat across-the-board cuts would reduce veterans' benefits, saying they never intended that.
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