The Details of the Last Minute Deal to Raise the Debt Ceiling

Last night, after receiving a bill from the Senate, the House approved a deal to raise the debt ceiling and end the government shutdown.

According to Reuters, these are the basic details of the law:

• U.S. borrowing authority has been extended to February 7^th. Once that date has been reached, Congress would need to raise the debt ceiling again, or the Treasury would need to start using “extraordinary measures” again, to prevent a default.
• Federal spending, at current levels, has been extended to January 15^th. This spending level still incorporates the previous cuts caused by sequestration.
• A House-Senate bipartisan panel was created to come up with long-term deficit reduction plans. These plans will be created by December 13^th, after which the need to be approved by Congress.
• Establishes measures to prevent fraud in the payment of Obamacare subsidies.
• Delivers back pay to federal workers due to the federal shutdown.

Due to the temporary nature of the bill, it is likely we will see a similar fight from Congress this winter or next spring.

The full 35-page bill is here.