House GOP Unveils Debt Limit Bill, Proposes $1.5 Trillion Debt Ceiling Increase
Republicans have introduced legislation to increase the nation’s debt ceiling by $1.5 trillion or until March 31, 2024, whichever comes first.
At the same time, the bill would return discretionary spending to 2022 levels, limit spending growth to 1 percent per year, take back unspent COVID-19 relief funds, repeal certain tax credits, reinstate work requirements for many people on public assistance, and remove barriers to increased production of domestic energy.
If passed, the Limit, Save, Grow Act of 2023 would allay concerns about a possible default on U.S. obligations but push a more permanent resolution of the debt crisis into the election season.
Passage Uncertain
McCarthy reportedly intends to bring the bill to a vote sometime next week. It is unclear if the Republicans can muster the 218 votes needed for passage in the narrowly divided House….