Work requirements already exist for most able-bodied adults between the ages of 18 and 49. But the changes are pared down from the House-passed debt ceiling bill. The agreement would expand work requirements for the Supplemental Nutrition Assistance Program, formerly known as food stamps - a longtime Republican priority. It claws back unobligated money from dozens of federal programs that received aid during the pandemic, including rental assistance, small business loans and broadband for rural areas. The agreement would rescind about $30 billion in unspent coronavirus relief money that Congress approved through previous bills. Biden sought $20.3 billion for the toxic exposure fund in his budget. The agreement would fully fund medical care for veterans at the levels included in Biden’s proposed 2024 budget blueprint, including a fund dedicated to veterans who have been exposed to toxic substances or environmental hazards. Overall, the Congressional Budget Office projected Tuesday that the bill would reduce budget deficits by about $1.5 trillion over the next decade. The legislation aims to limit federal budget growth to 1% for the next six years, but that provision would not be enforceable starting in 2025. The bill also requires Congress to approve 12 annual spending bills or face a snapback to spending limits from the previous year, which would mean a 1% cut. The agreement would keep nondefense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as suspend the debt limit until January 2025 - past the next presidential election.įor the next fiscal year, the bill matches Biden’s proposed defense budget of $886 billion and allots $704 billion for nondefense spending. With the details of the deal now released, here’s what’s in and out: TWO-YEAR DEBT LIMIT SUSPENSION, SPENDING LIMITS A growing number of hardline conservatives have already expressed early concerns that the compromise does not cut future deficits enough, while Democrats have been worried about proposed changes to work requirements in programs such as food stamps. McCarthy has pledged that the House will vote on the legislation Wednesday, giving the Senate time to consider it before June 5, the date when Treasury Secretary Janet Yellen said the United States could default on its debt obligations if lawmakers did not act in time.īut passage of the bill could be a heavy lift. The modest deal gives both men wins to tout, with Biden protecting major parts of his agenda from Republican cuts and McCarthy scoring several conservative spending caps and changes to government programs.
On Tuesday, lawmakers began scrutinizing and debating the legislation, which also includes provisions to fund medical care for veterans, change work requirements for some recipients of government aid and streamline environmental reviews for controversial pipelines and other energy projects.
The Democratic president and Republican speaker have to win their respective parties’ support for the plan in time to avert a default that would shake the global economy. WASHINGTON (AP) - President Joe Biden and House Speaker Kevin McCarthy have been working the phones in an intense push to sell Congress on the 99-page bill that would suspend the nation’s debt limit through 2025 to avoid a federal default while limiting government spending.
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