Senator Schumer speaks about how debt ceiling deal will affect New Yorkers

WASHINGTON — New Yorkers can breathe a sigh of relief over the debt ceiling measure that was just signed by President Joe Biden.

That’s what Senate Majority Leader Chuck Schumer said over the weekend. He emphasized the final deal included far smaller cuts than House Republicans initially sought, especially cuts affecting New York.

Schumer discussed the newly passed debt ceiling bill and its impact on New Yorkers. Speaking at his weekly news conference on Sunday, Schumer said certain measures in the original GOP debt ceiling bill were removed during negotiations.

Schumer said nearly $1 billion in spending cuts for New York City mass transit were among the Republican proposals that didn’t make it into the final legislation.

A $3.4 billion proposed cut to nationwide rental assistance and other federal housing programs was also not included. Same for a $2.2 billion cut to medical care for military veterans, millions of dollars in appropriations for local cops and firefighters and more. He says new york really dodged a bullet.

“New Yorkers know that we saved the country from the scourge of default, even though there were some on the other side who actually wanted the country to default, despite the damage. default would have been a disaster.”

Under the deal, all nondefense spending stays roughly flat in fiscal year 2024 and goes up just 1 percent the following year. Work requirements for food stamp eligibility were also expanded. There were also funding cuts to the IRS.