BGOV Bill Summary: H.R. 3746, Debt Ceiling and Spending Deal (1)

The US debt ceiling would be suspended through Jan. 1, 2025, under H.R. 3746, which would also limit federal discretionary spending over the next two fiscal years.

The current debt limit is set at $31.4 trillion, and the Treasury Department has been using “extraordinary measures” since Jan. 19 to avoid breaching the limit.

The measure is the result of high-stakes negotiations between President Joe Biden and Speaker Kevin McCarthy (R-Calif.) to act before the looming “X-date,” or the day the Treasury won’t have enough cash to meet all its obligations.

Treasury Secretary Janet Yellen wrote in a ...