is one point 562 trillion. instead another deal has been, cut it is going to be one point 66 julian which bluster the cap, and uses a bunch of gimmicks to back the bill on the increase spending. so americans are tired of that. so more of the same, and i wish speaker so i m very disappointed hopefully we can try to figure out what we can do to change in the next few days. who do you hold responsible for? it is his bicker johnson? well, i mean, his office is doing the negotiating, so that is the deal, if we end up doing this by suspension we are on house they re calling him the suspensions bigger. i think we should irregular, order trying to at the right, way but there is not going to be supported across at the border among republicans, because of a lot of us want to reduce spending. the american people sent it here to cut spending, not in one of the same thing. we have 34 trillion dollars, not both i should really cut spending, and in fact we did. we came to an agreement last ye
for the week. it is just untenable and unaffordable to the average american. it was mind blowing the cost of things that have gone up so much under his leadership as president. they say that because of inflation the average family is spending an additional $709 a month for the past two years, which makes it even more difficult for them to be able to balance budget and people who have 401(k) plans invading the 401(k) to survive. what do you think congress is going to be able to do going forward to bring this to some kind of head as it relates to joe biden? well, if we don t cap spending this year, nothing is going to happen for the american people. i do blame inflation and part on republicans who spend too much and democrats who spend too much. that s been a bipartisan problem for some time. i hope the house will take spending seriously this year and that we are not going to break the spending caps or do
americans. the americans are down there at 4%. it s not actually just level, the fact that the americans inflation is down a bit, the eurozone is down a bit, and ours is stuck at 8.7% now we know the bank of england has got its one club interest rates, they put on 50 basis points this week. let s talk about what the government can do. give me one thing that you in the treasury are doing to tackle this inflation? as chief secretary to the treasury, my responsibility, fundamentally, primarily used to control public spending. that is an incredibly challenging job at this time. because we have a three-year comprehensive spending of two years back, obviously these inflationary pressures barrel down across all of our public expenditure, our cap spending, on day today expenditure.
the presidents 2024 budget. the steel cap spending at 704 billion dollars. according to the congressional budget office. and now here s an exchange for raising the debt ceiling until 2025. the new law keeps domestic spending back, well aligned for increases in defense spending. the legislation widens the work requirement age for adult receiving sag benefits, or food stabs to 50 to 54 years old. but it exempts veterans and for the first time ever unhoused people are now eligible to receive a snap benefit. the bill clause back unspent covid funds and scales back expanded funding for the irs. that s a lot. and by the way, case you didn t know the pause on student loan payments will be lifted in august. yes, that s in the bell. this is a major concern, frankly, a financial game-changer for many, many americans. this morning on msnbc the lead white house negotiator shalanda young, the director, explain
table. protects our hard-earned economic recovery, and the agreement also represents a compromise, which means that no one got everything they want. but that is the responsibility of governing. maybe it doesn t do everything for everyone, but this is a step in the right direction that no one thought we would be at today. the deal would suspend the debt limit into 2025, and cap spending for the next two years, while allowing defense and veteran spending to increase. spending on other domestic programs will fall by about one billion dollars next year, according to white house officials. in 2025, spending will grow jut by just 1%. that one billion dollar cut looks even steeper on paper. but it s mitigated by a deal to redirect 20 billion dollars of new irs funding, and billions in unspent covid relief dollars to backstop other domestic spending cuts. the deal also expands work requirements for food stamp recipients, requiring proof of employment for recipients as old as 54 years old,