A look at what's in the new debt deal

The government nearly risked running out of money before a deal on the debt ceiling was brokered by President Joe Biden and House Speaker Kevin McCarthy.
1:20 | 06/05/23

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Transcript for A look at what's in the new debt deal
LINDSAY. >> REALLY SOME HARROWING MOMENTS >> REALLY SOME HARROWING MOMENTS THERE, MARTHA. THERE, MARTHA. THANK YOU. THANK YOU. NOW TO THE DEBT DEAL, WHICH NOW TO THE DEBT DEAL, WHICH PREVENTED THE GOVERNMENT'S FIRST PREVENTED THE GOVERNMENT'S FIRST EVER DEFAULT. EVER DEFAULT. PRESIDENT BIDEN SIGNED IT INTO PRESIDENT BIDEN SIGNED IT INTO LAW AFTER SOME CONTENTIOUS LAW AFTER SOME CONTENTIOUS NEGOTIATIONS. NEGOTIATIONS. ELIZABETH SCHULZE IS AT THE ELIZABETH SCHULZE IS AT THE WHITE HOUSE WITH WHAT'S IN THE WHITE HOUSE WITH WHAT'S IN THE DEAL. DEAL. >> Reporter: THE GOVERNMENT WAS >> Reporter: THE GOVERNMENT WAS AT RISK OF RUNNING OUT OF MONEY AT RISK OF RUNNING OUT OF MONEY TODAY, BUT NOW THAT THE DEBT TODAY, BUT NOW THAT THE DEBT CEILING DEAL IS OFFICIAL, IT CEILING DEAL IS OFFICIAL, IT WILL BE ABLE TO PAY ITS BILLS WILL BE ABLE TO PAY ITS BILLS INCLUDING SOCIAL SECURITY AND INCLUDING SOCIAL SECURITY AND MEDICARE ON TIME. MEDICARE ON TIME. THE WHITE HOUSE TWEETING VIDEO THE WHITE HOUSE TWEETING VIDEO OF THE PRESIDENT SIGNING THE OF THE PRESIDENT SIGNING THE FISCAL RESPONSIBILITY ACT INTO FISCAL RESPONSIBILITY ACT INTO LAW THIS WEEKEND. LAW THIS WEEKEND. CHANGES IN THIS LAW WILL AFFECT CHANGES IN THIS LAW WILL AFFECT MILLIONS OF PEOPLE ACROSS THE MILLIONS OF PEOPLE ACROSS THE COUNTRY. COUNTRY. MOST AMERICANS BETWEEN THE AGES MOST AMERICANS BETWEEN THE AGES OF 50 AND 54 WILL SOON BE OF 50 AND 54 WILL SOON BE REQUIRED TO WORK FOR AT LEAST 80 REQUIRED TO WORK FOR AT LEAST 80 HOURS A MONTH IN ORDER TO HOURS A MONTH IN ORDER TO QUALIFY FOR FOOD ASSISTANCE QUALIFY FOR FOOD ASSISTANCE KNOWN AS SNAP. KNOWN AS SNAP. BUT SNAP BENEFITS ARE EXPANDED BUT SNAP BENEFITS ARE EXPANDED FOR VETERANS, HOMELESS AMERICANS FOR VETERANS, HOMELESS AMERICANS AND YOUNG PEOPLE WHO ARE AGED AND YOUNG PEOPLE WHO ARE AGED OUT OF FOSTER CARE. OUT OF FOSTER CARE. THESE CHANGES WILL EXPIRE IN THESE CHANGES WILL EXPIRE IN 2030 UNLESS THEY ARE REVIEWED BY 2030 UNLESS THEY ARE REVIEWED BY CONGRESS. CONGRESS. THE LAW FORMALLY ENDS THE THREE THE LAW FORMALLY ENDS THE THREE YEAR PANDEMIC PAUSE ON FEDERAL YEAR PANDEMIC PAUSE ON FEDERAL STUDENT LOAN PAYMENTS AT THE END STUDENT LOAN PAYMENTS AT THE END OF AUGUST. OF AUGUST. SO MORE THAN 43 MILLION SO MORE THAN 43 MILLION BORROWERS WILL HAVE TO START BORROWERS WILL HAVE TO START PAYING BACK THEIR LOANS IN THREE PAYING BACK THEIR LOANS IN THREE MONTHS. MONTHS. WE HAVE ALSO BEEN REPORTING ON WE HAVE ALSO BEEN REPORTING ON THE UNCERTAINTY OF THIS DEBT THE UNCERTAINTY OF THIS DEBT CEILING DRAMA. CEILING DRAMA. THE THE LAW WILL

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