But they weren’t talking about the new bipartisan debt limit deal that passed Congress a few weeks ago. Tom Williams via Getty ImagesAdvertisementWashington’s allegedly been at war with the budget deficit for decades. And the GOP-controlled House’s tax-writing Ways and Means Committee approved three bills Tuesday to temporarily extend some of the 2017 tax cuts. If the new bills’ provisions were made permanent, they could wipe out almost all of the deficit reduction in the debt limit deal. And, unlike the 2011 debt limit deal, the deficit reduction in the new deal would only pay for about half of the amount of new debt expected to be incurred while the debt limit is suspended.

Source: Huffington Post June 19, 2023 15:25 UTC