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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 viewed here.
House GOP leadership said in a statement that the legislation, which raises the debt ceiling through January 2025, included a “historic series of wins.”
“The Fiscal Responsibility Act does what is responsible for our children, what is possible in divided government, and what is required by our principles and promises,” the leaders said. “Only because of Republicans’ resolve did we achieve this transformative change to how Washington operates.”
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.
