U.S. House of Representatives Speaker Kevin McCarthy has floated a plan that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the U.S. debt ceiling.
House Speaker Kevin McCarthy and other House Republicans hold a news conference on Capitol Hill in Washington, U.S., April 20, 2023. REUTERS/Amanda Andrade-Rhoades/File Photothat would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the U.S. debt ceiling.
Republicans would get another chance to extract more cuts, as his proposed debt-ceiling hike would not cover the nation's borrowing needs past March 31, 2024.Republicans have broadly ruled out tax increases as way to tame the national debt. McCarthy's plan would revoke a budget increase for the Internal Revenue Service that the nonpartisan Congressional Budget Office predicts would boost revenue by $204 billion over the coming 10 years due to increased enforcement.
McCarthy's plan steers clear of these sorts of specifics. Instead, it would cut a broad swath of "discretionary" spending by 9% in the next fiscal year and limit increases to 1% annually after that. Lawmakers would have to work within those constraints to set funding levels for agencies like the Pentagon and the Environmental Protection Agency.
More recently, the Republican Study Committee proposed raising the age at which Americans would become eligible for both programs.Opposition to Democratic former President Barack Obama's Affordable Care Act was a unifying goal for Republicans over the past decade. But they came up short in a 2018 attempt to repeal the sweeping expansion of health coverage.
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