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20-04-2023, 08:12 AM
BY REBECCA KAPLAN, KATHRYN WATSON
UPDATED ON: APRIL 19, 2023 / 4:36 PM
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The GOP plan would increase the debt limit by US$1.5 trillion or until the end of March 2024, whichever comes first, McCarthy said in brief remarks on the House floor Wednesday. Known as the Limit, Save, Grow Act, the 320-page bill includes US$4.5 trillion in savings by cutting discretionary spending to fiscal year 2022 levels and limiting the growth of future spending, McCarthy said. It would also reclaim unspent COVID-19 funds, cancel Mr. Biden's student loan forgiveness program, rescind new funding for the IRS and enact work requirements for federal aid programs, among other provisions.
"If Washington wants to spend more, it will have to come together and find savings elsewhere, just like every household in America," the speaker said. "President Biden has a choice. Come to the table and stop playing partisan political games, or cover his ears, refuse to negotiate and risk bumbling his way into the first default in our nation's history."
https://www.cbsnews.com/news/kevin-mccar...ican-bill/
UPDATED ON: APRIL 19, 2023 / 4:36 PM
......
The GOP plan would increase the debt limit by US$1.5 trillion or until the end of March 2024, whichever comes first, McCarthy said in brief remarks on the House floor Wednesday. Known as the Limit, Save, Grow Act, the 320-page bill includes US$4.5 trillion in savings by cutting discretionary spending to fiscal year 2022 levels and limiting the growth of future spending, McCarthy said. It would also reclaim unspent COVID-19 funds, cancel Mr. Biden's student loan forgiveness program, rescind new funding for the IRS and enact work requirements for federal aid programs, among other provisions.
"If Washington wants to spend more, it will have to come together and find savings elsewhere, just like every household in America," the speaker said. "President Biden has a choice. Come to the table and stop playing partisan political games, or cover his ears, refuse to negotiate and risk bumbling his way into the first default in our nation's history."
https://www.cbsnews.com/news/kevin-mccar...ican-bill/
