Under the terms of the bill, the debt limit can be raised from its previous level of 14.3 trillion by $900 billion. $ 400 billion can be immediately authorized by the President, while the rest is still subject to Congressional approval. Along with the increase, there will be an immediate budget cut of $917 billion, with total savings of at least $2.1 trillion over the next decade. In the longer term, the bill establishes a special bipartisan committee of lawmakers from both the Senate and House to come up with proposals to reduce the federal budget deficit by at least another $1.5 trillion. Those proposals will be voted on no later than December 23, at which point the debt limit can be again increased, by up to $1.5 trillion if the committee's proposals are approved or by $1.2 trillion if they fail.
Under the terms of the bill, the debt limit can be raised from its previous level of 14.3 trillion by $900 billion. An amount of $ 400 billion can be immediately authorized by the President, while the rest is still subject to Congressional approval. Along with the increase, there will be an immediate budget cut of $917 billion, with total savings of at least $2.1 trillion over the next decade. In the longer term, the bill allows the establishment of a special bipartisan committee of lawmakers from both the Senate and House to come up with proposals to reduce the federal budget deficit by at least another $1.5 trillion. Those proposals will be voted on no later than December 23, at which point the debt limit can be again increased, by up to $1.5 trillion if the committee's proposals are approved or by $1.2 trillion if they fail.
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$900 billion. $
$900 billion. An amount of $
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establishes
allows the establishment of