On May 31, the House of Representatives passed a bill to suspend the nation’s debt limit through Jan. 1, 2025. The bill will now have to be passed by the Senate before being sent to President Joe Biden for it to be signed into law.
The agreement will affect work requirements for adults receiving food stamps. As of now, childless, able-bodied adults aged 18 to 49 are able to get food stamps for three months out of every three years unless they’re employed at least 20 hours a week. The bill would increase the mandated age to 54.
In reference the COVID-19 relief funds, the bill will rescind around $28 billion in unobligated funds from the relief packages that were sent out during the pandemic. The bill would also retain $5 billion in funding to accelerate the development of vaccines and treatments.
One of the biggest things that has been talked about this year is student loan payments, and Biden talked about a relief program that still has not been agreed upon. Since the beginning of the pandemic, repaying the loans has been put on hold, but with this bill, borrowers will have to begin making payments at the end of the summer.
The agreement would still maintain Biden’s student loan plan, and a ruling is expected to come in the next few weeks.
