House Speaker Kevin McCarthy has unveiled his proposal to raise the debt ceiling by $1.5 trillion for a year while attempting to repeal major components of President Joe Biden’s agenda.
The bill named the Limit, Save, Grow Act of 2023 aims to save taxpayers more than $4.5 trillion by limiting what they call discretionary spending, retrieving unspent pandemic-related funds, eliminating Biden’s student loan forgiveness plan, and cutting funds earmarked for the IRS.
The plan calls on Biden and Senate Majority Leader Chuck Schumer to negotiate and address the crisis, but it’s uncertain whether the bill has enough support to pass.
Democrats have voiced their opposition to the proposal, arguing it will hurt millions and claiming Republicans are creating a debt crisis to justify these plans. The White House maintains that it will not negotiate on the debt ceiling and that Congress should pass a clean increase and address any budgetary concerns separately.
With a narrow GOP majority in the House, McCarthy can only afford to lose a handful of votes.
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