The U.S. Senate gave final approval late Thursday to a debt ceiling and budget cuts package thanks to a bipartisan deal and sent it to President Joe Biden’s desk to become law.
Approval in the Senate on a bipartisan vote, 63-36, somewhat reflected the agreement between both parties to pull the Biden-McCarthy package to passage.
“It’s not how you start. It’s how you finish. Each week we have stood up for the American public…Tonight, I hope we proved to you again that we put the citizens of America first,” House Speaker Kevin McCarthy said about the passing of this spending bill.
The debt limit is suspended until January 1, 2025.
Discretionary spending is capped during fiscal years 2024 and 2025.
Funding for veterans’ healthcare remains intact.
All unused funds appropriated during the COVID-19 pandemic are rescinded.
$10 billion of the $80 billion of additional funding for the Internal Revenue Service provided for in the Inflation Reduction Act of 2022 are rescinded.
The administration is required to operate under a PAYGO system: any executive regulation whose implementation costs more money than it brings in can only be made if an equal or greater amount of money is rescinded from other federal programs; this system is waivable by the Office of Management and Budget.
The student loans payment moratorium enacted in 2020 ends on September 1, 2023; the partial student loan forgiveness plan introduced by the Biden administration remains unaffected.
Work requirements for adult SNAP recipients with no dependents are broadened to apply to those aged under 51 in the fiscal year 2023, to those aged 53 in the fiscal year 2024, and to those aged under 55 in fiscal years 2025 to 2030 (currently, only those under 50 are required to work to be eligible). Veterans and homeless people are exempt from this provision.
Obtaining a federal permit for energy projects is made easier, especially for what concerns the construction of the Mountain Valley Pipeline.