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;