“First, President Biden delayed engagement with Congress for months on the debt ceiling and, now that he is engaging, press reports indicate he is pushing to water down the provisions of the House-passed Limit, Save, Grow Act while simultaneously demanding a debt ceiling increase of $4 trillion or more ,” they wrote.
The House Freedom Caucus and other GOP lawmakers are pressuring Speaker Kevin McCarthy to stand firm in debt ceiling negotiations with President Biden.The lawmakers also are pressing the House GOP leader to pass a one-month extension to the debt limit, giving McCarthy more time to hammer out a favorable agreement with the White House.
The bill cuts non-defense discretionary spending by $130 billion — back to fiscal year 2022 levels — and limits the annual growth of the federal budget to 1%.House Republicans’ Limit, Save, Grow Act would raise the nation’s borrowing limit by $1.5 trillion or until March 31, 2024, whichever point is reached first.Treasury Secretary Janet Yellen has pressured Congress and the White House to work out a deal by June 1 — the earliest point at which she has said the nation risks a default.
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