In a bid to raise the debt ceiling, the House of Representatives passed the Fiscal Responsibility Act on Wednesday night by a vote of 314 to 117. The bipartisan agreement, largely supported by Democrats, narrowly averts a potential economic catastrophe just days ahead of the June 5 deadline.
The new bill brings both positive and negative changes. The debt ceiling is now raised until 2025. It reduces the chances of a government shutdown and secures key aspects of President Biden’s agenda. Unexpected benefits include a caveat for veterans and unhoused Americans from certain work requirements to receive SNAP benefits.
However, the bill isn’t without drawbacks for Democrats. It caps federal spending for the next two fiscal years and imposes new work requirements on SNAP and temporary assistance for needy families. Additionally, it reinstates student loan payments in August — a provision that’s received some backlash.