The headlines around the debt-ceiling legislation focused on the ability of the US to meet its financial obligations on time and in full through 2024. This was no small accomplishment, especially as it arrived within a forever-fractured political environment and only 18 months from a presidential election.
But the actual terms of the debt-ceiling legislation reveal a political consensus that is at once troubling and longstanding. While topline US spending will increase this year and next, its increase is reserved almost exclusively for defense and for veterans’ medical care. Other programs, including social welfare and enforcement of the tax code by the IRS, will have their budgets cut. Americans seeking food-stamp benefits will also face increased work requirements – a curiously unrelated throw-in policy that reflects a longstanding wish of Republicans and some Democrats.
