for older americans receiving food aid and it suspends the debt ceiling on two january 2025, after the next presidential elections. there are few lawmakers that likely final package but the economic consequences of not raising the debt limit could be catastrophic. not everyone is happy with this bill, but most members, as we are seeing so far, looks like they might get this over the line and approve the house debated bill. we will see that in just a short while, and they are trying to desperately sell the benefits of this bill as they try to get it over the line. it over the line. today the house is it over the line. today the house is taking it over the line. today the house is taking historic i it over the line. today the i house is taking historic steps to address our nation s out of control debt. this house republican win rescind is $28 billion in unallocated covid funds, it cuts to trillion dollars in government spending, it rains in the executive branch and rejects
us congress set to vote on raising the debt ceiling and what is normally a routine matter has become an increasingly politicised battle. after weeks of negotiations, us presidentjoe biden and republican kevin mccarthy agreed to a deal to prevent the country defaulting on its debt. treasury secretary janet yellen warned the us could run out of money byjune the 5th. over the weekend joe biden and house speaker mccarthy agreed in principle in a deal to raise the debt ceiling but wall street has seemed less convinced, trading lower this week as investors remain cautious. us treasury also feeling the pressure with yields for ten year and two year bonds falling. the bill as written restricts any new spending for the two years, which would cut the deficit by 1.5 trillion over ten years. it includes new work requirements