On April 26, the House of Representatives passed the “Limit, Save, Grow Act” by a vote of 217-215. This bill would suspend the debt limit until March 31, 2024 or until another $1.5 trillion has been borrowed, whichever occurs first. In exchange for a debt limit suspension, the bill would cap discretionary spending for FY 2024 at the FY 2022 levels and impose spending caps of 1% per year until 2033. The bill would also rescind all unobligated COVID-19 funding and places work requirements on Medicaid and SNAP.

The non-partisan Congressional Budget Office determined the bill would cut spending by $4.8 trillion over the next 10 years, with a devastating impacts on older adults and the providers who serve them. Passage of the bill is considered a unified opening bid by House Republicans to the President in the debt limit negotiations.

The bill will not be considered by the Democratic-led Senate, and the President has issued a veto threat. Further, President Biden and Senate Majority Leader Chuck Schumer say they won’t negotiate on the budget with House Speaker McCarthy until he passes a clean debt-limit increase.