H.R. 7463: Extension of Continuing Appropriations and Other Matters Act, 2024

Extension of Continuing Appropriations and Other Matters Act, 2024

This act provides continuing FY2024 appropriations for federal agencies, modifies the requirements for determining eligibility for federal student aid, and provides additional funding for Federal Pell Grants.

DIVISION A--EXTENSION OF CONTINUING APPROPRIATIONS ACT, 2024

Extension of Continuing Appropriations Act, 2024

This division is known as a continuing resolution (CR) and prevents a government shutdown that would otherwise occur if the FY2024 appropriations bills have not been enacted when the existing CR expires.

The CR provides funding through March 8, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts:

• the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2023;
• the Energy and Water Development and Related Agencies Appropriations Act, 2023;
• the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2023; and
• the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2023.

For most other federal agencies and programs, the CR provides funding through March 22, 2024.

(Under the current CR, the first group of agencies is funded through March 1, 2024, and the remaining agencies are funded through March 8, 2024.)

The CR generally funds most programs and activities at the FY2023 levels with several exceptions that provide funding flexibility and additional appropriations for various programs.

DIVISION B--OTHER MATTERS

This division modifies the requirements for determining eligibility for federal student aid and provides additional funding for Federal Pell Grants.

(Sec. 101) This section revises the computation of the student aid index (SAI) for dependent students, which is used to determine eligibility for federal student aid. The SAI for a dependent student is calculated using the Free Application for Federal Student Aid (FAFSA) data for the student and their parents. The FAFSA Processing System calculates the parents' contribution from income and assets, the student's contribution from income, and the student's contribution from assets; the SAI is the sum of these three values.

In particular, the section specifies that a student's available income shall not be less than -$1,500 for award year 2024-2025 and not less than $0 for award year 2025-2026 and each succeeding award year.

The section also provides specified additional funds for Federal Pell Grants for FY2025 and each succeeding fiscal year.

(Sec. 102) This section exempts the budgetary effects of this division from (1) the Statutory Pay-As-You-Go Act of 2010 (PAYGO Act), (2) the Senate PAYGO rule, and (3) certain budget scorekeeping rules.