House Speaker Kevin McCarthy said Sunday that Republicans will pass his proposal to raise the debt ceiling this week even amid resistance from some in the GOP that jeopardizes the legislation.
The California Republican said his debt limit plan is about forcing Senate Democrats and President Biden to the negotiating table, suggesting that any GOP lawmakers who vote against it would be rubber-stamping the administration’s “reckless spending.”
The proposal would lift the nation’s debt limit by $1.5 trillion through March 2024, cut spending to 2022 levels, cap future budget increases to 1% annually over the next decade, roll back Democrats’ tax-and-climate-spending law known as the Inflation Reduction Act, claw back unspent COVID-19 money and block Mr. Biden’s student loan forgiveness.
With the deadline fast approaching, Mr. Biden has refused to engage in spending-cut talks with House Republicans, demanding the limit be raised with no strings attached.
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