Did anyone really think that this debt ceiling bill wasn’t going to be a giant crap sandwich in the end?

While Joe Biden and Kevin McCarthy are busy trying to upsell this bill, it doesn’t seem that anyone was particularly happy about the details. Fiscal conservatives are upset.

Fake conservatives agree to fake spending cuts. Deal will increase mandatory spending ~5%, increase military spending ~3%, and maintain current non-military discretionary spending at post-COVID levels. No real cuts to see here.

Conservatives have been sold out once again!

— Rand Paul (@RandPaul) May 28, 2023

Many Democrats aren’t pleased.

“It's ridiculous that we're even in this situation.”

Progressive Caucus Chairwoman @RepJayapal tells CNN’s @jaketapper that new work requirements in the debt deal are “absolutely terrible policy." #CNNSOTUhttps://t.co/YSHliA2GVr

— State of the Union (@CNNSotu) May 28, 2023

The real issue at hand is that neither fiscal conservatives or rabid progressives are likely needed to pass this bill. It just has to get enough bipartisan support from the middle of both sides, encouraged by leadership, to get it to Biden’s desk. The text of the bill was finally released on Sunday evening, which means we can all get a look at the 99 page behemoth that will supposedly save us from hitting the debt ceiling.

The bill — which spans 99 pages — raises the debt limit for two years, strengthens work requirements on federal public assistance programs and rescinds roughly $28 billion in COVID-19 funding that went unused.”

It caps defense spending at $886 billion for fiscal year 2024 – in line with Biden’s defense budget request from earlier this year – and $895 billion for fiscal year 2025.”

Veterans’ medical care is funded at $121 billion for fiscal 2024, while other non-defense discretionary programs get $637 billion, which the White House described as being virtually equal to 2023 when accounting for agreed-upon appropriations adjustments. It also sets budget targets through Fiscal Year 2029.”

The bill also rescinds $1.4 billion in funding that was appropriated for the Internal Revenue Service as part of the Inflation Reduction Act, which Democrats passed last summer.”

In one area that was particularly tense in negotiations, the bill makes adjustments to work requirements for Temporary Assistance for Needy Families (TANF) and the Supplemental Nutrition Assistance Program (SNAP).”

And in a surprise addition to the bill, it includes a measure to expedite completion of the Mountain Valley Pipeline – a major win for West Virginia Sen. Joe Manchin (D) who has long been trying to speed up construction of the natural gas pipeline that had been stalled due to environmental concerns.”

For his part, McCarthy is in full salesman mode.

Now, there are some things Democrats will absolutely hate in this bill. For example, regardless of what the Supreme Court rules this summer regarding student loans, page 4 (followed by details on pages 60-61) announces that the suspension of student loan payments is over.

“The pause is gone within 60 days of this being signed. So that is another victory because that brings in $5 billion each month to the American public,” McCarthy told anchor Shannon Bream on “Fox News Sunday.”

McCarthy’s remarks came after he and Biden came to an agreement in principle late Saturday to cap spending and raise the debt ceiling.”

“What the president did, he went unconstitutionally and said he was going to waive certain people part of their debt for student loan[s], but then he paused everybody’s student loan. So everybody who borrowed a student loan within 60 days of the signing is going to have to pay that back,” McCarthy said on Sunday.”

“The Supreme Court is taking up that case. But if the Supreme Court came back and said that was unconstitutional, the president could still say he’s pausing, not waiving it. But now that this is in law, the Supreme Court decision will have to be upheld, that they would have to pay,” he added.”

Pages 33 through 53 deal with “the unobligated balances of amounts” of unspent COVID money that a multitude of federal departments still have sitting in their piggy banks. While we can be grateful that this unspent money is going to be moved – on paper – back to the Treasury, it should make everyone mad that the federal government just kept printing and shoveling money all over the place during COVID for no good reason, except to make it look like they were Doing Something™.

Pages 95 through 98 deal with the payoff “win” for Senator Joe Manchin, and helps him bring home the proverbial bacon for West Virginia with the Mountain Valley Pipeline project.

The expedited permitting is receiving praise from West Virginia’s congressional delegation, which has pushed for the pipeline’s completion, and criticism from environmental groups.”

National news outlets reported that the pipeline provision was directly linked to Senate Energy Chairman Joe Manchin, D-W.Va.”

“Last summer, I introduced legislation to complete the Mountain Valley Pipeline. I am pleased Speaker McCarthy and his leadership team see the tremendous value in completing the MVP to increase domestic energy production and drive down costs across America and especially in West Virginia,” Manchin stated Sunday evening.”

“I am proud to have fought for this critical project and to have secured the bipartisan support necessary to get it across the finish line.”

Can’t wait to hear AOC and her Green New Deal fanatics whine about this one.

But for all the things that Democrats will hate, there’s plenty for Republicans to complain about. Pages 98 and 99 actually deal with the debt ceiling increase, and up it goes.

The agreement struck by President Biden and Speaker Kevin McCarthy (R-Calif.) lifts the debt ceiling until 2025 and imposes spending caps on non-defense discretionary spending.”

Wheeeeee, so much fiscal responsibility!

THREAD: There are members of the GOP claiming Democrats got nothing from the “deal.” Oh really? 1) An uncapped debt ceiling with an expiration date – worth approximately $4 trillion…? 2) basically no cuts – a freeze at bloated 2023 spending level? #DebtCeiling (1/3)

— Chip Roy (@chiproytx) May 28, 2023

…6) no REINS act statutory requirement for congress to approve huge regulations – just an “administrative” paygo that the administration will get to enforce? 7) No border security!! – & a deal allowing them to avoid policy riders in the fall… 8) more… (3/3) /end

— Chip Roy (@chiproytx) May 28, 2023

This debt ceiling bill maintains the status quo, and Biden will duck the press (as usual) and claim victory, while McCarthy will spend time trying to convince conservatives that this was the best he could do. And he might be right, because, after all, it’s not like there is a large Republican majority in the House, much less a veto-proof one. And the House is only half the equation, as this debt ceiling bill has to pass the Senate as well.

Will this debt ceiling bill pass Congress? Will Republicans hold their fiscal ground and risk taking the public blame for a default (because between the media and the Democrats, that absolutely would happen)? Will McCarthy face a challenge to his leadership?

Regardless of what comes next, we are still trillions in debt, and there will be no stopping the spending until a crisis occurs and austerity is shoved down all our throats.

Featured image via Proulain on Pixabay, cropped, Pixabay license