House Speaker Kevin McCarthy is reportedly moving to end a standoff with President Biden over federal spending by proposing to raise the nation’s debt ceiling by up to $1.5 trillion.
The details of the proposal, including any potential spending cuts, aren’t immediately clear, but it’s likely McCarthy will include at least some reductions — after the White House demanded an increase without conditions.
The legislation, set to be revealed later Wednesday, would allow Washington to borrow either another $1.5 trillion or until March 31, 2024. The details were first reported by Punchbowl News.The plan threatens to destabilize McCarthy’s own leadership if the cuts aren’t deep enough for fiscal hardliners.
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Speaker McCarthy, House Republicans move to put Biden on defense in debt-limit fightSpeaker Kevin McCarthy is putting President Biden and Senate Democrats on the spot in the ongoing debt limit standoff by teeing up legislation that would curtail spending in exchange for raising the cap on how much the federal government can borrow to meet expenses.
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Speaker McCarthy, House Republicans move to put Biden on defense in debt limit standoffHouse Speaker Kevin McCarthy is putting President Biden and Senate Democrats on the spot in the ongoing debt limit standoff by teeing up legislation that would curtail spending in exchange for raising the cap on how much the federal government can borrow to meet expenses.
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