So now to a list:
- In the essence, the bill intends to cut $2.1 trillion over the next 10 years in the money that government can spend.
- However, the bill also allows the government to borrow more money to pay its bills, the so-called raising of the debt ceiling.
- Bill will create a committee of 12 members(3 Democratic Senators, 3 Democratic Representatives and 3 Republican Senators, 3 Republican Representatives). This committee will work on figuring out on what programs to cut spending specifically.
- Bill does not have any tax increases for anyone, thus making it hard to generate revenue.
- Also, many Democrats have said that the bill will have an effect on social programs.
- Additionally, the defense budget will also be cut.
In essence, the bill did not really solve anything, all it did is save USA from default at this time and save the AAA credit rating. However, the problem is still there and the special committee created will have to work hard to get the situation resolved.