House Speaker Kevin McCarthy (R-CA) released on April 19 the “Republican Plan to Address the Debt Ceiling,” the 320-page Limit, Save, Grow Act of 2023 Act. The proposal describes specific items Speaker McCarthy seeks in exchange for raising the debt ceiling for one year.

In a statement, Speaker McCarthy said the plan shows that “House Republicans are taking action to lift the debt limit, limit government spending, save taxpayers money, and grow the economy.” The bill would cap federal discretionary spending, which includes spending on HUD housing programs and Older Americans Act programs, to the FY22-enacted level (a $180 billion cut compared to the FY23 enacted funding level) and then cap increases to 1% per year through 2033. Such a rollback in funding could be devastating to programs serving older adults such as affordable housing programs, which need annual increases just to serve the same number of people.

The bill would also require “adults without dependents to earn a paycheck and learn new skills,” including by increasing the threshold for the age-related exemption from work requirements in the Supplemental Food and Nutrition Program (SNAP) from 50 to 56 years old. Current federal law requires able-bodied adults without dependents younger than 49 years old on SNAP to participate in work, training, or education for 20 hours a week; the bill raises that to 56 years old. The proposal, Speaker McCarthy said, will “protect and preserve Medicare and Social Security because more people will be paying into it.”

The bill would also “claw back billions of dollars in unspent COVID money that has sat for two years,” prohibit the “student loan giveaway to the wealthy,” and repeal funding for new IRS agents and for new clean energy tax credits.

President Biden has said he does not want conditions placed on raising the nation’s debt ceiling. Speaker McCarthy hopes to bring his bill to the House floor for a vote the week of April 24.