The upshot of the debt ceiling deal recently approved by Congress is that all nondefense discretionary spending will remain at its current level of $638 billion in FY 2024, which begins October 1. Additionally, some funds were marked for recission, including $150 million from the State Small Business Credit Initiative (SSBCI). All jurisdictions that have been approved or have applied for SSBCI funding will not see a decrease in their funds, according to an email from Treasury regarding SSBCI. SSBCI incentive allocation funds and Formula Technical Assistance (TA) Grant Program allocations for Tribal governments, states, territories, and D.C. also will not be affected by the legislation. More complicated is the impact the deal will have on funding for research, innovation, and education.
