Called the 'Limit, Save, Grow Act,' Republican House Speaker Kevin McCarthy's 320-page proposal would lift the debt limit by $1.5 trillion or until the end of March 2024.
to raise the debt ceiling and cut government spending ahead of the looming summer deadline to avert a catastrophic and historic default by the U.S. on its debt obligations.would lift the debt limit by $1.5 trillion or until the end of March 2024. The measure, introduced by House Budget Committee Chairman Jodey Arrington, a Texas Republican, also details cuts in federal spending to the tune of $4.5 trillion, according to McCarthy.
"MAGA House Republicans are holding the American economy hostage in order to take a hatchet to programs Americans rely on every day to make ends meet," she said in a statement. "The American people are tired of politicians who use COVID as an excuse for more extreme inflationary spending," McCarthy said on the House floor Wednesday."Now, if this money was authorized to fight the pandemic was not spent during the pandemic, it should not be spent after the pandemic is over."Republicans' bill would nullify Mr. Biden's program forgiving student loan debt up to $20,000 per borrower.
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