The debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy — and now passed by both the House and Senate — largely preserves Biden’s major signature investments and the administration’s focus on reinvesting in America through government programs and incentives.
That’s despite the fact that the deal cuts funding for vulnerable people who rely on government assistance, such as child care and low-income housing; pulls back billions of dollars meant to revamp the Internal Revenue Service; and requires the return of unspent funds appropriated for electric vehicle chargers, scientific research hubs and Pentagon purchases of climate technology, such as heat pumps.
