(Washington, DC) House Speaker Kevin McCarthy is unveiling a plan to lift the U.S. debt ceiling.
While speaking from the House floor Wednesday, McCarthy said it includes returning discretionary spending to 2022 levels, capping spending to one-percent per year and clawing back billions of dollars of unspent COVID relief funds. He also wants to roll back new IRS funding and do away with President Biden’s student loan forgiveness plan. The White House has insisted the borrowing limit must should be raised without conditions, a position McCarthy says is unacceptable. Congress needs to raise the debt limit in the coming months to avoid defaulting on the nation’s debt. House Speaker Kevin McCarthy says the legislation will provide four-point-five trillion dollars in savings.
