House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nation’s debt limit by $1.5 trillion into next year.
Speaker of the House Kevin McCarthy speaks during an event at the New York Stock Exchange in New York, Monday, April 17, 2023.
“President Biden is skipping town to deliver a speech in Maryland rather than sitting down to address the debt ceiling,” McCarthy, R-Calif., said in a speech on the House floor.The package was swiftly embraced by leading Republicans as McCarthy has worked intently to unite his often fractious majority. A vote in the House is expected next week, in hopes of pressuring Biden to respond. Democrats in the House and Senate are almost certain to be opposed.— It would raise the debt ceiling by $1.
— The House GOP measure would also roll back elements of Biden’s signature Inflation Reduction Act — particularly the provisions that the White House and Democrats put in place to fight climate change — and halt money to the Internal Revenue Service that was designed to conduct audits of potential tax cheats.
Overall, the legislation is a designed to be a marker for Republicans, a bill that could unite what McCarthy’s team has called the “five families” — the often warring factions of conservatives and hard-right Republicans in the House GOP majority. With the nation in debt and the deadline looming in six weeks, “we are duty-bound to address both of those crises. Republicans have a reasonable plan to do so,” Johnson said.
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