It's not clear whether Speaker McCarthy's bill would garner enough Republican support to pass the House.
House Speaker Kevin McCarthy, R-Calif., introduced his proposal for a temporary debt ceiling increase.It's not clear whether McCarthy has votes within the GOP caucus to pass the bill.
The cuts would be in exchange for a one-year debt ceiling increase. McCarthy called on Biden and Senate Majority Leader Chuck Schumer, D-N.Y., to "sit down, negotiate and address this crisis" but he did not mention whether the bill has enough support to pass. Biden has refused to negotiate over the debt limit. Extraordinary measures to avoid the first-ever U.S. sovereign debt default are on track to run out this summer.
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