The contents of the debt ceiling bill Beyond the suspension of the debt ceiling and the implementation of spending caps, the bill includes revisions to the Supplemental Nutrition Assistance Program.
It introduces time limits for able-bodied adults aged 54 or younger without dependent children, linking their eligibility for food stamps to specific work requirements.
The deal also imposes additional work requirements for recipients of the Temporary Assistance for Needy Families program but does not make any changes to Medicaid, as Biden had expressed his opposition to such alterations.
Furthermore, the bill rolls back $10 billion of the $80 billion in IRS funding previously approved in Biden’s Inflation Reduction Act, intended to crack down on tax evasion by wealthy individuals and corporations.
It also reallocates unspent COVID-19 relief funds approved during the presidencies of both Biden and Trump.
Notably, the legislation does not include any new tax increases targeting the wealthy and corporations, as proposed by Biden.
It also does not revoke the Inflation Reduction Act or the student loan forgiveness program, both of which had been sought by many Republicans.
