coming up, congresswoman anna paulina luna on the oversight committee s next move to prove jo me biden and his family have been influence peddling for decades. then, why she voted against the debt ceiling bill with as well just signed into law by president biden.w it s all right here, right now on sunday morning futures. maria: and we begin this sunday morning with the very latest on the new debt ceiling bill. the president signed into law this weekend the so-called fiscal responsibility act, an agreement to the raise the debt ceiling while putting some spending caps in place for the upcoming few years. of the deal brokered by the house speaker, ken mccarthy, and president biden kevin mccarthy suspends the debt limit until january 1st, 2025, it holds non-defense spending flat for 2024 and puts a 1% increase cap in non-defense spending in place for fiscal
msnbc cornell belcher about the significance of last night speech. but first, and b.c. s gary dropbox at the white house for us. gary, happy saturday, let s talk about the takeaways, one of the big ones from the presidents oval office address? hi hi alex, president biden spoke to the first few minutes directly to the american people last night. he talked about what was in the debt ceiling bill. what was not in the debt ceiling bill, just how close the american people got to its first-ever default, and the bipartisanship that stop that from happening. let s go through that list that you see right there. the big number on top, suspend the debt ceiling until january 1st 2025. that was the big deal. it almost limits military spending, and non discretionary spending. it rescinds about 28 billion dollars in unspent covid relief funds. and it eliminates 1.4 billion dollars from the irs budget. and then the big one right here, it restarts federal student loan payment. that is something that
signing of the bill, including the student loan provision in that bill, so, we re going to go first to nbc s garrett at the white house. welcome, how is the white house selling the step deal? president biden is taking this message, as he loves to do, directly to the american people. you saw that last night in his first ever oval office address that was formally in primetime at 7:00. and what you did was he told people was in the bill, what was not in the debt ceiling bill, and i talked about just how close this country did get to a default, where we would be unable to pay our bills. let s talk a little bit about what is inside this bill that is expected to be signed, really, any moment now that president biden in the white house behind me. we re talking about the big number, which is he is suspending the debt ceiling until january 1st, 2025. it also limits military spending and non-military spending, and it returns about 28 billion dollars in unspent covid relief funds. it also eli
into place, saying the government would run out of money, and be unable to pay their bills. let s talk a little bit about what you see on the screen there. what is in this debt ceiling agreement? first, that big thing. it suspends debt ceiling until january 1st, 2025. we don t have to worry about this again until about january 2025. illimitable terry spending, limits nonmilitary spending, rescinds about 28 billion dollars in unspent covid relief funds. it eliminates 1.4 billion in irs budget. and also restarts the federal student loan payments program. that s something, of course, the president biden would not, if it was his choice, put in a bill like this. of course, this was a compromise. both sides, and neither of them, got exactly what they wanted. president biden talked a lot last night in his speech to the nation about what was at stake here. what would happen if they did not reach this compromise. here s what he had to say. if we had failed to reach an agreement on the budget,
inflation. the final agreement does allow all that unspent covid funds to go pay down our debt it. claws back some of the irs money that that agency was going to get. it cuts nondefense spending and suspend the debt limit with no cap through january 1st, 2025. kevin mccarthy says he is trying to look at the positive. he was negotiating with the president. so democrats and republicans for the first time in a long time we have seen them come together on this which is refreshing. kevin mccarthy said for the first time in 10 years congress is actually going to spend less next year than it did this year. listen. for the first time in more than a decade, congress will spend less next year than this year. in fact, fiscal responsibility act is the only bill that reduces overall spending. reduces nondefense spending, and reduces the deficit unlike any other debt limit increase in recent history. somebody is going to have a better job tomorrow because of your vote. families will be stronger, m