House Republicans are set to vote this week on a $4.5 trillion GOP bill, the Limit, Save, Grow Act, which would raise the debt limit into 2024, while cutting federal spending by tens of billions of dollars, Punchbowl News reports, adding that the Treasury Department is expected to chime in this week on when they think the US is likely to default on its $31.4 trillion debt.
The bill, unveiled by House Speaker Kevin McCarthy last week, is the GOP's first stab at bringing Democrats and the Biden administration to the table after the two sides have made no progress over the past three months.
Republicans are insisting on linking a debt ceiling increase to spending cuts, but the White House says it wants a 'clean' hike of the borrowing limit.
"When we send this to the Senate, we're showing that, yes, we're able to raise the debt ceiling into the next year, but what we're doing is, we're being responsible fiscally and bringing our house back in order," McCarthy said on Sunday, adding "It doesn't solve all of our problems, but it gets us on the right path. And this gets us to the negotiating table, just as government and America expects us to do so."
No. 1: The House GOP whip operation worked throughout the weekend to shore up support for the package.
Otherwise, the House could be forced to move a clean debt limit increase this summer.
First, all House Republicans voted against the IRA last year, which means these members already voted against the provisions.
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