Congressional Budget Office

This article was originally posted on Indiana Capital Chronicle. By JENNIFER SHUTT WASHINGTON — The nonpartisan Congressional Budget Office released detailed analysis Wednesday showing Republicans’ “big,...

WASHINGTON (AP) — Fending off a U.S. default, the Senate has given final approval to a debt ceiling and budget cuts package. It's now on its way to President Joe Biden's desk to become law before a fast-approaching deadline. The Senate ground through late-night voting Thursday to wrap up work on the hard-fought deal. The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result cuts spending for two years and suspends the debt limit until 2025 after the next presidential election. Biden says he will sign it into law as soon as possible.