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The Big Story
Key provisions from the GOP’s sprawling debt bill
House Republicans are moving quickly to pass a 320-page bill to raise the debt limit next week, which includes a host of proposals leaders claim would result in more than $4 trillion in savings.
Here are just a few of the proposals that made the cut:
Budget caps
The bill seeks to impose limits on the government funding hashed out by lawmakers annually as part of the appropriations process.
The measure would revert funding for fiscal 2024 to fiscal 2022 levels and limit spending growth to 1 percent annually over the next decade.
Student loans
Republicans are using the debt limit bill to try to roll back several Biden administration actions on student loans, including the ongoing loan repayment pause and a sweeping plan to provide widespread forgiveness.
The bill also targets an income-driven repayment plan rolled out by the Education Department earlier this year that could lower the cost of monthly bills.
Work requirements
The bill would beef up work requirements for the Supplemental Nutrition Assistance Program (previously known as food stamps) for those between 50 and 56 years old, and includes work requirements for Medicaid.
There are also changes proposed to the Temporary Assistance for Needy Families program.
As it stands, the bill faces long odds in the upper chamber, where Democrats have thrown cold water on the plan.
“They want to talk about future spending. This is about paying debts that have already been incurred. This is about defaulting one word: Default. And the full faith and credit of the United States,” Senate Finance Committee Chair Ron Wyden (D-Ore.) told The Hill Thursday.
“I thought it was important to make sure that didn’t happen when Donald Trump was president. And I think it’s important to make sure it doesn’t happen now,” he said.
We have askimmable list of what’s in the bill in the full report at TheHill.com.
Welcome to The Hill’s Business & Economy newsletter, we’re Karl Evers-Hillstrom, Aris Folley and Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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House Republican conservatives and moderates alike are grumbling about the newly unveiled debt limit bill, leaving GOP leaders — who have just four votes to spare in the slim majority — rushing to shore up support as the House left Washington Thursday for the long weekend. Read more
