Noon Edition airs on Fridays at noon on WFIU.

President Biden and Speaker Kevin McCarthy reached an agreement Saturday to lift the debt ceiling limit for two years and cut back and cap government spending. The House and Senate approved the deal and have passed the bill to President Biden. He is expected to sign before addressing the nation on Friday at 7 PM. 

Funding cuts in the bill include cutbacks to the I.R.S. The agreement would immediately revoke $1.38 billion and overall repurpose $20 billion ($10 billion in 2024 and 2025) from the $80 billion received under the Inflation Reduction Act.   

Other items in this agreement include new work requirements for food stamps for adults 50-54 from the original age limit at 49. Veterans, the homeless, and people who were children in foster care are exempt.   

This bill also includes new ways to get energy projects approved faster and puts an end to President Biden’s freeze of student loan payments by the end of August. The bill would also restrict the ability to reinstate another suspension.  

According to the Congressional Budget Office, the deal would cut federal spending by over $1.5 trillion over the next decade.

This Friday on Noon Edition, we will talk with financial experts about the actions taken to avoid default and an economic crisis.  

You can follow us on Twitter at @NoonEdition or join us on the air by calling 812-855-0811 or toll-free at 1-877-285-9348. You can also send questions for the show at news@indianapublicmedia.org.    

Guests

Denvil Duncan – Economist and Associate Professor at the O'Neill School of Public and Environmental Affairs at IU

Dr. Craig Johnson - Associate Professor at the O'Neill School of Public and Environmental Affairs at IU

D.J. Masson - Clinical Professor of Finance at the Kelley School of Business at IU