Speaker Kevin McCarthy has proposed a package to raise the nation’s $31.4 trillion debt limit by an additional $1.5 trillion
After months of internal talks, McCarthy and his leadership team are proposing a package to raise the nation’s $31.4 trillion debt limit by an additional $1.5 trillion. But the plan also states that if the new debt limit is not breached by March 31, 2024, then Congress must again increase the borrowing authority by that date, proposing to reignite a major fiscal battle in the middle of a presidential election year.
Pence told CNN on Tuesday that he’s open to backing McCarthy because he’s a “team player” and to “help Kevin.” Burchett later said he’s concerned about continuing to raise the borrowing limit. “I’m worried about the future of our country economically, you know, we just continuously lie to the American public, say we’re gonna cut and cut and cut and then we agree to something and then here we are, we’re back at our limit again,” he said.
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