Vote Smart's Synopsis:

Vote to pass a bill that increases the federal debt limit and decreases spending. It also repeals several energy tax credits, modifies the permitting process and other requirements for energy projects, expands work requirements for the Supplemental Nutrition Assistance Program (SNAP) and nullifies regulations for the cancellation of federal student loan debt.

Highlights:

• Exempts the debt limit through March 31, 2024, or until the debt limit increases by $1.5 trillion, whichever occurs first (Div. A, Title I, Sec. 101).

• Establishes discretionary spending limits through fiscal year 2024 through fiscal year 2025 that include decreases in discretionary spending (Div. A, Title I, Sec. 101).

• Repeals certain unobligated funds that were provided to address COVID-19 and the Internal Revenue Service (Div. B, Title I, Sec. 202).

• Repeals certain executive actions and regulations for canceling federal student loan debt and implementing an income-driven repayment plan for student loans (Div. B, Title I, Sec. 221).

• Repeals or modifies tax credits for the following (Div B, Title III, Sec. 221-243):

• Renewable and clean energy;

• Energy efficient property;

• Alternative fuels; and

• Electric vehicles.

• Establishes new work requirements for Medicaid and expands work requirements for SNAP and the Temporary Assistance for Needy Families (TANF) program (Div C, Title I, Sec. 301).

• Requires major federal rules likely to result in an annual economic effect of at least $100 million be approved by Congress before they take effect (Div. B, Title IV, Sec. 333).

• Establishes various provisions related to the development of energy resources such as oil, natural gas, and minerals (Div. D, Title II, Sec. 20222).

• Requires additional federal oil and gas leasing (Div. D, Title II, Sec. 20401).

• Reduces or eliminates certain royalties and fees to expedite the permitting process of various energy projects (Div. D, Title II, Sec. 20117).

Full Bill Text

Full Bill Text