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National Debt

The debt limit deal would reduce government spending by about $1.5 trillion

by Justin Ho

May 31, 2023

Reduced government spending can have an impact on the broader economy. But economists say the effects will likely be limited.

"It does slow the economy, but not in a particularly meaningful way," said economics professor Justin Wolfers of the debit limit deal reached by House Speaker Kevin McCarthy and President Joe Biden.

Drew Angerer/Getty Images

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