Pairs a federal debt limit increase with spending caps and other policy changes

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

✎ Drafted by AI from the public sources cited. Each sentence links to its source.

This bill would suspend the federal debt limit, the legal cap on how much the government can borrow, until March 31, 2024, or until federal debt rose by $1.5 trillion, whichever came first.^2,3 It would set limits on yearly discretionary spending (the money Congress approves each year through funding bills) for 2024 through 2033 that include reductions, and it would cancel unspent COVID-19 relief funds and some funds provided by the 2022 Inflation Reduction Act.^2,3 It would also repeal or reduce many tax credits for renewable energy, electric vehicles and energy efficiency, and it includes the House energy production and permitting bill, H.R. 1, the Lower Energy Costs Act.^2,3 Other parts would undo Education Department actions that paused student loan payments, canceled student debt and created a new income-based repayment plan, expand work requirements for SNAP food aid and create them for some adults on Medicaid, and require Congress to approve major new federal regulations before they take effect.^2,3

§2Status

§3How Congress voted

Why this matters: The official count.