The bill suspends the debt ceiling for two years, thus avoiding the establishment's nightmare of a government default on its debt. Rather, it allows the government to continue adding trillions of dollars of debt that will be monetized by the Federal Reserve.
Of course, this default will be felt by the people in the form of an inflation tax. This inflation tax may be the worst of all taxes, because it is both hidden and regressive. Politicians love to point the finger at greedy corporations, labor unions, and even consumers for increasing prices instead of taking responsibility for the legislation they pass that incentivizes the Federal Reserve to create more inflation.
Republican supporters of the bill claim it begins to roll back the excessive spending of the Biden years. While the bill does rescind $28 billion of unspent COVID funds, it just recycles that money into the Fiscal Year 2024 budget. Thus it does not save taxpayers a dime. The bill does cap domestic discretionary spending for Fiscal Year 2024 at $704 billion and spending for Fiscal Year 2025 at $711 billion. However, these caps come from a budget whose baseline includes the increased COVID spending. The bill only cuts spending by 0.1 to 0.2 percent of gross domestic product over the next two years - assuming Congress does not reverse the cuts. Of course, it makes no attempt to actually cut spending, much less eradicate any illegitimate and unconstitutional government agencies, cabinet departments, or programs.