That’s less than 1 percent of the total cost of the six bills. The changes would reduce spending by about $30 billion over the next decade, according to the CBO. The bill would rescind all unobligated COVID relief money from six bills enacted from 2020-2022. Such spending, referred to as mandatory, accounts for about two-thirds of all federal spending.
The House GOP bill doesn’t affect spending on Social Security and Medicare. It’s the spending that Congress approves through appropriations bills. WATCH: House Republicans approve Speaker McCarthy’s debt ceiling bill by narrow marginĭiscretionary spending includes things like weapons programs, servicemember pay, grants for schools that serve large shares of low-income students, rental assistance to house millions of poor and disabled, and money to fund research on cancer and other life-threatening diseases. The cap on spending is the big-ticket item in the bill, accounting for about two-thirds of the $4.8 trillion in deficit reduction that the Congressional Budget Office says would occur over 10 years if the bill is enacted. The bill would set federal discretionary spending at $1.47 trillion during the next fiscal year and allow it to increase only 1 percent annually from there, far below the rate of inflation in most years. “He either has to negotiate now or we’re the only ones that have raised the debt limit,” McCarthy said after the vote.Ī look at key aspects of the legislation that the House approved by a vote of 217-215. But Republicans hope the bill’s passage will force Biden to the negotiating table, where they could seek concessions in return for lifting the nation’s borrowing authority and ensuring that the U.S.
The legislation in question has virtually no chance of becoming law. They’re arguing for their priorities and going after President Joe Biden’s in a separate bill that passed the chamber on Wednesday. WASHINGTON (AP) - House Republicans are trying to exact a price from Democrats for agreeing to increase the nation’s borrowing authority and prevent the government from defaulting on the obligations it has accrued over decades.
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