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Congressional Spending Revoked and Capped in Debt Limit Deal

June 13, 2023 2:26 PM | Anonymous

After acrimonious negotiations and nearly defaulting on federal debt obligations, Congress enacted the debt-limit and spending cuts deal struck between President Biden and Speaker McCarthy. The Fiscal Responsibility Act (P.L. 118-5) extended the debt limit through 2024, rescinded nearly $30 billion in unspent pandemic-related funds, and imposed caps on federal spending for the next two fiscal years. Among the Covid-era spending cuts, the measure cancels about 3,000 AmeriCorps jobs this summer and in 2024. The law alters the Supplemental Nutrition Assistance Program (SNAP) by extending work requirements for some food aid recipients up to age 54 while expanding exemptions from the work requirements for veterans, homeless individuals, and young people coming out of foster homes. According to the Congressional Budget Office, the Fiscal Responsibility Act will reduce the deficit by approximately $1.5 trillion.

Source: National Council of Nonprofits

 
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