![]() ![]() The legislation would save $4.5 trillion over a decade, according to McCarthy, though official cost estimates have not yet been released. Once those are exhausted, the US would start to default on its obligations, which would unleash economic upheaval globally. The Treasury Department is temporarily using cash on hand and “extraordinary measures” to pay the federal government’s bills on time and in full until Congress grants it the authority to resume borrowing beyond the current $31.4 trillion limit. Still, it serves as the next move in the drawn-out saga of dealing with the debt limit, which the US hit in January. So there’s virtually no chance this bill becomes law, even though McCarthy is pushing for the House to pass it by next week. ![]() House Speaker Kevin McCarthy has unveiled his plan to address the nation’s looming debt ceiling drama, offering to raise the borrowing cap by $1.5 trillion to prevent a default.īut the proposal comes with a long list of demands from House Republicans that Senate Democrats and the White House strongly oppose. ![]()
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