Speaker Kevin McCarthy is vowing to publicly unveil details of his party’s debt limit plan today — a critical step forward in a months-long standoff with President Biden.
The speaker slammed his foot on the gas as President Joe Biden prepares to deliver a public response to the GOP’s proposal.
The California Republican also promised the House GOP would approve the bill by next week, a task that’s likely to prove complicated given the internal frustration about the path forward aired during a closed-door conference meeting on Tuesday. The president and speaker haven’t communicated on the looming debt crisis since February, though Biden is set to deliver his own new pushback to McCarthy later on Wednesday. The White House has instead repeatedly dinged McCarthy’s GOP for delaying a release of a budget proposal that would theoretically outline the Republican goals for slashing the federal deficit; that budget plan now appears indefinitely on ice as the speaker presses ahead toward passage of his broader debt-limit offer.
That opening GOP bid on the debt limit could hardly come at a more urgent time, as budget forecasters predict the nation could hit its borrowing limit earlier than expected — as soon as June.
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