A coalition of “Freedom Caucus” lawmakers laid out a series of demands for securing their vote to raise the nation’s debt ceiling, setting the bar in the Republican Party ahead of House Speaker Kevin McCarthy’s return to negotiations with the White House.
Among the ultra-conservative group’s demands are reversing President Biden’s embattled $400 billion student loan write-off, clawing back unspent COVID-19 funds, rescinding the $80 billion IRS beef-up approved last December and capping discretionary spending at 2022 levels for the next decade.
The group projects that its plan to cap discretionary spending alone, while allowing for 1% annual growth, would save $3 trillion over the long term while “cutting the wasteful, woke and weaponized federal bureaucracy.” Mr. McCarthy, California Republican, has said Social Security and Medicare are off the table in the debt-reduction talks, but has called on Democrats to put forward a plan to reduce what he says is runaway spending.
The budget, which would set the U.S. on a course for record spending as a percentage of the economy, calls for an 8% increase over what the government is projected to spend in the current fiscal year.
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