House Speaker Kevin McCarthy is reportedly moving to end a standoff with President Biden over federal spending by proposing to raise the nation’s debt ceiling by up to $1.5 trillion.
The details of the proposal, including any potential spending cuts, aren’t immediately clear, but it’s likely McCarthy will include at least some reductions — after the White House demanded an increase without conditions.
The legislation, set to be revealed later Wednesday, would allow Washington to borrow either another $1.5 trillion or until March 31, 2024. The details were first reported by Punchbowl News.The plan threatens to destabilize McCarthy’s own leadership if the cuts aren’t deep enough for fiscal hardliners.
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