Congress passed a budget deal in the wee hours this morning that will keep the U.S. from defaulting on its debt for the next two years.
Leaders of both parties agree it should benefit the economy by putting off further debate on the so-called “debt ceiling” until March, 2017 – after the next presidential inauguration.
The bipartisan legislation also reduces the chances of a government shutdown in December, a move that will likely keep parks and museums open, government workers on the job, and Social Security benefits arriving on time.
The deal will keep Medicare enrollees from having to pay a scheduled 52% hike in premiums. It refills the Social Security disability trust fund that would have run out of money had no budget agreement gone through.
The plan also restores spending levels for several different programs relating to education and childhood health and their nutrition, that were facing drastic cuts.
Share This With Your Friends On Both Sides Of The Aisle (Photo: Martin Jacobsen, CC)