Congress released a bill package Sunday to increase the nation’s debt limit in exchange for a number of Republicans’ desired spending cuts and other concessions.
House lawmakers will have three days to review the 99-page bill, called the Fiscal Responsibility Act, before they are set to vote for it as soon as Wednesday. The bill can be viewedHouse GOP leadership said in a statement that the legislation, which raises the debt ceiling through January 2025, included a “historic series of wins.”
The bill rescinds funds that have been allocated toward COVID, mandates student loan payments to resume in August, rescinds a portion of unused funding allocated toward the IRS, expands work requirements for certain welfare recipients, and tightens permitting processes under the National Environmental Policy Act.
House Speaker Kevin McCarthy and President Joe Biden came to the agreed-upon legislation after months of stalemate and then days of intense negotiations in the leadup to what Treasury Secretary Janet Yellen hasPresident Joe Biden meets with House Speaker Kevin McCarthy to discuss the debt limit in the Oval Office of the White House, May 22, 2023, in Washington.
“I think it’s a really important step forward. It takes the threat of catastrophic default off the table, protects our hard-earned and historic economic recovery, and the agreement also represents a compromise which means no one got everything they want,” BidenThe president said he “strongly urged” both the House and Senate to pass the bill.
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