Thread by @chiproytx

THREAD: Turns out this chart is basically accurate. Will fill it in tomorrow more fully… but to best of our current understanding with NO text… 1) Debt ceiling set til 1/1/2025 - which means unknown debt increase - but $4 Trillion is a good estimate... (1/10)

https://twitter.com/chiproytx/status/1662505442025652226

…2) Debt Ceiling “Deal” totally scraps the $131BB in cuts to return bureaucracy to pre-COVID levels in favor of what appears to be effectively flat spending (down or up a little) - at the bloated 2023 Omnibus spending level, jammed through in a rush in December… (2/10)

3) Debt Ceiling “Deal” abandons work requirements for Medicaid (3/10)

4) Deal abandons our repeal of the so-called Inflation Reduction Act tax-credit crony giveaways - which Goldman Sachs says costs $1.2 Trillion. (4/10)

…The deal abandons inclusion of the very powerful anti-regulatory REINS Act (which we just passed through House Judiciary as well) in favor of a form of administrative pay-go which is relatively toothless and/or able to be waived... (5/10)

…The deal abandons full repeal of Biden’s unlawful student loan bailouts - forcing only a re-start to a small number while leaving in place $400 billion+ in loan forgiveness and punting our constitutional duty to the Court... (6/10)

…The deal keeps full $80BB expansion of the IRS and the 87,000 employees it funds to target poor/minority 3-5x more - except for $1.9BB for this year... (7/10)

…The deal does claw back $29BB remaining of the COVID unobligated funding which is used as part of the budget games... (8/10)

…Does nothing for the border. Does nothing regarding pistol braces. Does nothing regarding Presidential overreach. And in many ways kills our leverage to get them through the appropriations process... (9/10)

…Finally, again… this deal raises our debt ceiling an unlimited amount that is likely close to or over $4 Trillion. #DebtCeiling (10/10)