Debt ceiling deal's potential impact on student debt relief and food stamps

House Speaker Kevin McCarthy and President Joe Biden reached a deal to raise the debt ceiling, which will end the pause on student-loan payments, make it harder for some low-income Americans to obtain food stamps, and reduce government spending by billions. The deal includes new work requirements on government programs and codifies the end of the student-loan payment pause. However, the cuts in spending could lead to a reduction in employment by 120,000 jobs by the end of 2024, according to Moody's Analytics. Congress needs to act quickly to get this legislation signed into law before the government runs out of money to pay its bills.