The debt deal didn’t do anything --- no unique limitations on spending

(Sam, “How spending cuts will hit the U.S. economy,” pg online @ https://www.politico.com/newsletters/morning-money/2023/05/30/how-spending-cuts-will-hit-the-u-s-economy-00099190 //um-ef)

But there was no appetite from either party to address big ticket items like Social Security, Medicare or defense spending. And once it became clear that the White House would largely block any raid on funds appropriated through Biden’s landmark legislative accomplishments — the Inflation Reduction Act and CHIPS — it assured that the macroeconomic impact of any deal would be negligible. Brian Riedl, a senior fellow at the Manhattan Institute and former chief economist to retired Ohio Republican Sen. Rob Portman, on Sunday said the headline caps on regular, non-emergency discretionary spending have so many “caveats and asterisks [that] may render these figures mostly meaningless.” (That underscores why the deal has raised the hackles of many policymakers on the GOP’s right flank — including Florida Gov. Ron DeSantis.) The cuts amount to “a rounding error” of GDP, Riedl told MM.