(CNN) — After several weeks of tense negotiations, US President Joe Biden and House Republicans reached an agreement in principle to raise the debt ceiling and limit spending.
But the drama is not over. Leaders of both parties in Congress have to convince enough of their members to vote in favor of the deal, which contains provisions that lawmakers on each side of the aisle do not support.
Full details of the deal are not yet known. And the information that was made public this Saturday night shows some discrepancies. The text of the bill is scheduled to be made public this Sunday.
Here’s what we know about the deal, according to a fact sheet distributed by House Republicans and a source familiar with the negotiations.
Increase the debt ceiling
The agreement would increase the debt limit for two years.
Limit non-defense spending
Under the agreement, non-defense spending would remain relatively stable in fiscal 2024 and increase 1% in fiscal 2025, after certain unspecified adjustments to appropriations were made, according to the source.
After fiscal 2025, there would be loan targets, but they would not be enforceable, according to the source.
House GOP fact sheet says non-defense discretionary spending would be rolled back to fiscal year 2022 levels and total federal spending capped at 1% annual growth for the next six years .
The debt ceiling bill that House Republicans passed last month would return discretionary spending to fiscal 2022 levels and then cap spending growth at 1% for a decade. Defense spending would be protected.
Protects health care for veterans
The agreement would maintain full funding for veterans’ health care and increase support for the PACT Act’s toxic exposure fund by nearly $15 billion by fiscal year 2024, according to the source.
The House GOP fact sheet says veterans’ health care would be fully funded.
Expands job requirements
The agreement provides for a temporary extension of the job requirements for certain adults who receive food stamps.
Currently, healthy childless adults ages 18 to 49 can only get food stamps for three months every three years, unless they work at least 20 hours a week or meet other requirements. The agreement would raise the age to 54, according to the source. The GOP fact sheet says it would apply to those up to age 55.
However, the agreement would also expand exemptions for veterans, the homeless and others in the Supplemental Nutrition Assistance Program, or SNAP, as food stamps are formally known.
And all the changes would end in 2030.
The agreement would also introduce changes to the current work requirements of the Temporary Assistance for Needy Families program.
Work requirements would not be introduced to Medicaid, something House Republicans called for in their debt ceiling bill.
Recover unspent covid-19 relief funds
The agreement would rescind uncommitted funds from covid-19 relief packages that Congress approved to respond to the pandemic, according to the House GOP fact sheet.
Estimates of the amount remaining of the roughly $4.5 trillion in aid vary.
Cut IRS funding
The deal would cancel the entire fiscal year 2023 staff funding request that the House GOP says would go to new IRS agents, according to the fact sheet.
House Republicans have been determined to cancel the nearly $80 billion in IRS funding included in the Cut Inflation Act that Democrats passed last year. GOP lawmakers argue the money will be used to hire an army of new agents to audit Americans, but the agency says it will also be used to support operations, modernize customer service technology and help taxpayers.
Resume payment of student loans
The deal would force borrowers to repay their student loans, according to the House GOP fact sheet, though it did not specify when repayments would begin. They have been on hiatus since the covid-19 pandemic began.
However, the deal would maintain Biden’s plan to offer up to $20,000 in debt relief to eligible borrowers, the source said. The measure is currently before the Supreme Court, which is expected to rule on it in the coming weeks.
CNN’s Priscilla Alvarez, Alayna Treene and Lauren Fox contributed to this report.
Source: CNN Espanol