In May 2023, when then-Speaker of the House Kevin McCarthy negotiated a debt limit deal that included spending limits, the gross national debt stood at just under $31.5 trillion.
Conservatives in the House were deeply upset about the debt deal, which contained fraudulent gimmicks to get around the announced spending limits. Less than eight months later, the debt has skyrocketed to $34 trillion, or more than $100,000 for every man, woman, and child in the country.
Current House Speaker Mike Johnson, R-La., reopened spending negotiations with the White House. His goal was to reduce the amount of deficit spending, which has become a growing threat to the economy.
On Sunday, Johnson announced that the two sides reached a deal.
While not all of the details are known, some key facts have been revealed. Those include:
- Saving $16 billion by rescinding $6 billion in…
