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. On Tuesday, lawmakers will begin 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.
But passage of the bill could be a heavy lift. 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.TWO-YEAR DEBT LIMIT SUSPENSION, SPENDING LIMITS
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 legislation protects pandemic funding for veterans’ medical care, housing assistance, the Indian Health Service, and some $5 billion for a program focused on rapidly developing the next generation of COVID-19 vaccines and treatments.Republicans targeted money that the IRS was allotted last year to crack down on tax fraud. The bill bites into some IRS funding, rescinding $1.4 billion.
Democrats also won some new expanded benefits for veterans, homeless people and young people aging out of foster care. That would also expire in 2030, according to the agreement. Agencies will be given one year to complete environmental reviews, and projects that are deemed to have complex impacts on the environment will need to be reviewed within two years.
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