Thu Apr 20, 2023 AT 10:50 AM EDT
House Republicans’ go-it-alone debt limit bill pairs a debt ceiling increase expected to last into next year with what Speaker Kevin McCarthy said would be about $4.5 trillion in savings generated in part by cutting Biden administration priorities.
The bill released on Wednesday — dubbed the Limit, Save, Grow Act — aims to raise the debt limit by $1.5 trillion or through March 31, 2024, whichever comes first.
It proposes reverting discretionary spending caps to fiscal 2022 levels while limiting growth to 1% annually over the next decade. While Republicans have long said the discretionary spending cuts would not target defense spending, nothing in the bill explicitly protects defense spending, leaving that spending up to appropriators.
The move to release a debt limit increase bill comes as President Joe Biden has refused to negotiate with McCarthy on the matter, calling for a “clean” debt limit increase not paired with any other policy points. Read Full Story