If passed, the bill would:
Set spending caps for the federal budget in the first two years in 2024 and 2025, and then sets appropriations targets for the following four years;
Raise the age of food stamp recipients subject to work reporting time limit requirements from 50 to 54, but only until 2030;
Create new exemptions that waive work requirements for: young adults ages 18 to 24 aging out of foster care, and all veterans and those experiencing homelessness, but also only until 2030;
Place new restrictions on how often states can waive work requirements for food stamp recipients; require the Agriculture Department to publish a report of which state waivers it approves and rejects;
Reduce the timeline for when environmental impact statements need to be released for proposed projects;
Reform how federal agencies conduct environmental impact statements;
Claw back funding for the Internal Revenue Service;
End the current pause on student loan repayments and interest accrual 60 days after June 30.
The measure would also recover unspent pandemic funding, including money allocated by the American Rescue Plan and the Coronavirus Aid, Relief and Economic Security (CARES) Act, both landmark COVID relief packages. Republicans previously touted clawing back billions from these measures.
These rescissions include federal funding originally allocated for COVID testing, vaccine coordination at the Centers for Disease Control and Prevention and vaccine distribution, and for mental health awareness and education, and different industry pandemic responses including agriculture and railroads.
