, would raise the borrowing limit into next year — either until the government incurs another $1.5 trillion in arrears, or through the end of March 2024, whichever occurs first.Republicans coupled the increase with aggressive caps on federal spending, rolling back the budgets for key agencies to the levels adopted in the 2022 fiscal year and then limiting future growth to 1 percent annually for the following decade.
While the cuts are not specified — they would be determined later during the appropriations process — Democrats have done analyses projecting how deep the cuts would need to be. It would end the president’s plan to waive up to $10,000 from millions of borrowers’ student loan debts. It would limit the power of federal agencies to issue regulations on a wide array of industries.