- Our Team
June 13, 2023
The issue of raising the debt limit has been resolved, at least until January 2025, and we can all breathe easier now that the United States can continue to pay its debts. Hopefully, in the future, Congress will find a way to eliminate this boondoggle or at least to work around it, as was done under 1979’s Gephardt Rule.
For now, though, we need to understand what provisions are contained in the act.
What is in the act
(1) Military spending is increased by about 3% in 2024. In addition, the act includes funding to improve medical care for military veterans, including a $20.3 billion fund for veterans who have been exposed to toxic substances or environmental hazards.
(2) Nondefense spending levels (i.e., those related to most domestic spending) remain flat next year and can be raised by 1% in 2025. This increase is projected to be lower than the rate of inflation.
What is NOT in the act
This is just an overview of a complex series of provisions, some of which may continue to evolve. To learn about how the provisions may affect you, work with a financial professional.
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