Republican U.S. House Speaker Kevin McCarthy on Wednesday unveiled a plan to raise the nation's debt ceiling by $1.5 trillion and cut federal spending by three times that amount, laying out an opening position in what is likely to be a tense partisan debate over government borrowing.
to raise the nation's debt ceiling by $1.5 trillion and cut federal spending by three times that amount, laying out an opening position in what is likely to be a tense partisan debate over government borrowing.the total amount of domestic and military spending to 2022 levels and cap growth at 1% annually in years to come. It would not touch retirement and health programs that are projected to expand dramatically as the population ages.
Congress would gain greater power to block Biden administration regulations under the proposal as well. He did not say when the House of Representatives, which his Republicans control by a narrow 222-213 majority, would vote on the plan. The nonpartisan Committee for a Responsible Federal Budget praised McCarthy's plan as a "realistic and extremely welcome first step." But Democratic Representative Richard Neal dismissed it as "not serious."
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