McCarthy unveils House GOP plan to increase the debt limit
CBSN
Washington — House Speaker Kevin McCarthy is unveiling a bill to increase the debt limit while cutting government spending on Wednesday, making his opening offer to the White House and Democrats ahead of a summer deadline to avoid a default.
The GOP plan would increase the debt limit by $1.5 trillion or until the end of March 2024, whichever comes first. McCarthy said on Twitter that the "Limit, Save, Grow Act" will "responsibly lift the debt ceiling into next year" while limiting spending, saving taxpayer dollars and growing the economy. The U.S. is expected to reach the limits of its borrowing authority sometime in June.
McCarthy's bill is expected to reach the House floor next week. While any legislation that pairs a debt-limit increase with spending cuts is dead on arrival in the Democratic-controlled Senate, McCarthy is hoping to gain leverage ahead of expected negotiations with the White House by passing the GOP's own bill in the House. The White House has called on the House to pass a "clean" debt ceiling increase with no spending cuts attached, and has refused to negotiate with McCarthy until he unveiled his own proposal.
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