Speaker McCarthy Unveils Proposal to Raise Debt Ceiling, Cut Spending

Speaker Kevin McCarthy (R-CA) on Wednesday unveiled House Republicans' plan to raise the debt limit while cutting federal spending.

"Today, I'm proud to announce we are introducing the Limit, Save, Grow Act of 2023," the speaker said in a speech on the House floor, adding that the bill would "responsibly raise the debt limit into next year and provide more than $4.5 trillion in savings to American taxpayers."

The proposal would lift the debt ceiling by $1.5 trillion or extend it through March 31, 2024, whichever comes first.

It would also bring discretionary spending back to FY 2022 levels, a $130 billion cut; limit spending growth to 1% annually over the next decade; repeal the $80 billion in new funding for the IRS; undo President Biden's student loan forgiveness plan; claw back unspent pandemic relief funds; and impose tougher work requirements for social safety net benefits.



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By: C-SPAN
Title: Speaker McCarthy Unveils Proposal to Raise Debt Ceiling, Cut Spending
Sourced From: www.youtube.com/watch?v=ux1_MTpk2CM

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