# @vadogwoodnews on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/Cs_oJE3u6-y
- **Gondola URL:** https://gondola.cc/posts/6972731-vadogwoodnews-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/2578a6a24b.jpg
- **Posted:** 2023-06-02T16:09:47.000+00:00
- **Account Owner:** Dogwood (@vadogwoodnews) — https://gondola.cc/vadogwoodnews

## Caption

Virginia, we’ve avoided an economic default.
The United States Senate passed a bipartisan bill on Thursday suspending the nation’s debt limit and preventing a default on U.S. debts, which could have caused an economic crisis.

The bill, which previously passed the House on Wednesday, will be signed into law by President Joe Biden. Biden is also expected to address the nation on Friday evening.

The compromise agreement brokered by Biden and House Speaker Kevin McCarthy limits federal spending for two years. Here are some of its main provisions:
👉Caps government spending for two years
👉Rescinds billions in unspent COVID relief funds
👉Shifts $20 billion in IRS funding to cover other programs
👉Imposes work requirements for food aid on most adults ages 50-54 without kids at home, while expanding access to veterans and homeless people and exempting them from the work requirements.
👉Expedites the approval of all permits needed to complete the controversial Mountain Valley Pipeline.

Despite passing overwhelmingly, the bill was criticized by members of both parties. Many MAGA Republicans voted against the agreement because it doesn’t make big enough cuts to key programs like Medicaid health insurance and SNAP food assistance, while some Democrats opposed the spending caps, work requirements for older recipients of food benefits, and the fast-tracking of the Mountain Valley Pipeline.
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#virginia #virginianews #nationalnews #politics #vapol #nationalpol #debtceiling #federalnews

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## Tags

debtceiling, nationalpol, nationalnews, politics, virginianews, federalnews, virginia, vapol

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