LyrArc Article Gist
The debt ceiling agreement between Biden and McCarthy has made it out of the committee stage and now heads to the House floor. Both Biden and McCarty are confident it will pass quickly before June 5. There are some surprises as the the impact of the debt ceiling agreement is better understood. 78,000 additional people will get food aid costing an additional $2 billion as a result of the tighter work requirements for the food aid program. The program will make it easier for veterans and homeless people to get benefits. 

The cuts to the IRS funding by about $21 billion will be used by the Biden adminstration to reduce the effects of other cuts in programs that help people struggling with the cost of living. 

On defense spending Biden says "obviously if there is an existential need for additional spending I have no doubt we will be able to get it."

Both sides say this agreement is the best that could be done for either side. "With divided government they get to have an opinion, and we get to have an opinion, and all things equal, I think a compromise agreement is reasonable for both sides," says Shalanda Young, Mr. Biden's negotiator and Budget Office Director. Congressional Budget Office estimate is for $1.5 trillion in debt reduction over a decade.