U.S. House of Representatives Speaker Kevin McCarthy unveiled a bill this week that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the federal debt limit, laying out an opening position in what is likely to be a tense partisan debate over government borrowing.
U.S. House Speaker Kevin McCarthy walks through a door alongside his house Republican colleagues, to speak about the Republican party’s first one hundred days of holding the majority in the House of Representatives on Capitol Hill in Washington, U.S., April 17, 2023. REUTERS/Amanda Andrade-Rhoadesa bill this week that would pair $4.5 trillion in spending cuts with a $1.
The caps would reduce spending in real terms as they would not keep up with projected inflation and population growth. It would cancel Democratic President Joe Biden's effort to cancel roughly $400 billion in student debt, which Republicans have portrayed as unfair to those who did not go to college or already paid off their debts. The Supreme Court is expected to rule before July whether that plan is legal.The plan targets an $80 billion investment plan for the Internal Revenue Service, which the tax-collecting agency will use to hire more employees and deploy new technology.
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