![]() Currently, that mandate applies to those ages 18 to 49, though it has been suspended during the Covid-19 public health emergency, which expires on May 11. Under the plan, childless, able-bodied adults ages 18 to 55 would be able to get food stamps only for three months out of every three years unless they are employed at least 20 hours a week or meet other criteria. The bill would fulfill Republicans’ longstanding goal of beefing up work requirements in food stamps and adding them to Medicaid. ![]() ![]() They answered fewer than 15% last year.Īdd work requirements to safety net programs As a result, IRS employees have been able to answer 87% of calls from filers with questions this year. So far, the money has allowed the agency to hire more than 5,000 customer service agents. As a result, the efforts are expected to increase tax revenue for Uncle Sam. The infusion is meant to support the troubled IRS crack down on tax cheats and provide better service to taxpayers. The $80 billion was included in the sweeping climate, taxes and health care law, known as the Inflation Reduction Act, that Democrats passed in a party-line vote last year. ![]() But rescinding the money would actually increase the deficit by $114 billion through 2032, according to the nonpartisan Congressional Budget Office. Republicans have made the funding a political target. McCarthy’s plan would rescind the $80 billion set to go to the IRS over the next decade. Rescind new Internal Revenue Service funding McCarthy’s bill goes further, aiming to prevent the secretary of education from implementing future student debt relief programs that would result in a significant cost to the government. The repayment plan would benefit both current and future qualifying student loan borrowers by lowering the monthly cost and total amount repaid. The proposal would also block a new income-driven repayment plan, parts of which are set to take effect later this year. But critics argue that the program would shift the cost of those loans to taxpayers who didn’t go to college or already paid of their student debt. The one-time student loan forgiveness program could provide significant financial relief to millions of people. The program is currently tied up in the courts. The bill would block President Joe Biden’s student loan forgiveness program, which promises up to $20,000 in debt relief for low- and middle-income borrowers, from taking effect. Plus, 200,000 children would lose access to Head Start and 100,000 children would lose access to child care. Interactive: The $31.4 trillion debt dilemmaĮxamples the agencies gave included shutting down 125 air traffic control towers, slashing nutrition services for 1 million senior citizens and eliminating affordable housing assistance for close to 1.1 million families.Īlso, the reduction would impact the 6.6 million students who rely on Pell Grants and the 1.2 million women, infants and children who receive nutrition assistance through WIC, DeLauro said. However, House Appropriations Committee Ranking Member Rosa DeLauro, a Democrat from Connecticut, asked government agencies earlier this year about the potential impact of reducing fiscal 2024 discretionary, non-defense spending (with the exception of veterans’ medical care) to fiscal 2022 levels. The package does not list any specific cuts. The Pentagon budget would be spared any reduction. The proposal would return funding for federal agencies to fiscal 2022 levels, while aiming to limit the growth in spending to 1% per year. Here’s what House Republicans want in exchange for raising the debt ceiling: The legislation would save $4.5 trillion over a decade, according to McCarthy, though official cost estimates have not yet been released. Once those are exhausted, the US would start to default on its obligations, which would unleash economic upheaval globally. The Treasury Department is temporarily using cash on hand and “extraordinary measures” to pay the federal government’s bills on time and in full until Congress grants it the authority to resume borrowing beyond the current $31.4 trillion limit. Still, it serves as the next move in the drawn-out saga of dealing with the debt limit, which the US hit in January. So there’s virtually no chance this bill becomes law, even though McCarthy is pushing for the House to pass it by next week. House Speaker Kevin McCarthy has unveiled his plan to address the nation’s looming debt ceiling drama, offering to raise the borrowing cap by $1.5 trillion to prevent a default.īut the proposal comes with a long list of demands from House Republicans that Senate Democrats and the White House strongly oppose.
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