President Joe Biden and House Republicans have reached an agreement in principle to raise the debt ceiling and spending cap, after weeks of tense negotiations.
Now, congressional leaders of both parties must convince their members to vote for the deal, which contains provisions that lawmakers on either side of the aisle won’t support.
Here’s what we know about the deal, based on a fact sheet circulated by House Republicans and a source familiar with the negotiations.
Raises the debt ceiling: The agreement will increase the debt limit for two years.
Cap nondefense spending: Under the deal, nondefense spending would remain relatively flat in fiscal 2024 and increase by 1% in fiscal 2025, after some unspecified changes in appropriations are made, according to the source.
After fiscal 2025, there are appropriations targets, but they cannot be implemented, according to the source.
The House GOP fact sheet says nondefense discretionary spending will be restored to fiscal 2022 levels and topline federal spending will be limited to 1% annual growth over the next six years.
Expanded job requirements: The agreement calls for a temporary expansion of work requirements for some adults who receive food stamps.
Currently, childless, able-bodied adults ages 18 to 49 can only receive food stamps for three months out of every three years unless they work at least 20 hours per week or meet other criteria. The agreement will raise the age to 54, according to the source. The GOP fact sheet says it applies to those up to age 55.
Restart student loan payments: The agreement would require borrowers to repay their student loans again, according to the House GOP fact sheet, although when the payments would begin was not specified. They have been stopped since the start of the Covid-19 pandemic.
Read more about the deal HERE.
