Known as the Fiscal Responsibility Act of 2023, the bill provides for an increase to the debt ceiling of $31.4 trillion for two years, which means President Joe Biden will not need to negotiate it again before the November 2024 presidential election. The deal also places limited curbs on government spending that will please some Republicans, but it does not deliver the big cuts that right-wingers wanted and which progressive Democrats would have balked at. The deal holds nonmilitary spending roughly flat for the 2024 fiscal year from this year. It also limits the increase by one percent for 2025, according to the proposed bill. The agreement preserves plans by the Biden administration to increase spending for the military and veterans in line with inflation as well. The deal also pares back funds allocated for the expansion of the Internal Revenue Service (IRS). Last year, Congress had approved $80 billion for the IRS to boost tax enforcement. The debt ceiling agreement pulls back $10 billion to spend in other areas. On the labor front, the deal establishes work requirements for people who are receiving federal food assistance or on family welfare, in a victory for the Republican side. It is set to raise the age at which childless adults will be required to work to receive food stamps from 49 to 54. As a concession to Democrats, the deal relaxes the requirements for veterans and the homeless.