House Republicans on Wednesday passed a bill offering details on what GOP lawmakers want to see in exchange for raising the debt ceiling.
Four House Republicans joined their Democratic colleagues Wednesday in voting against the Limit, Save, Grow Act, which details the actions House GOP members want to see before agreeing to raise the federal debt ceiling.
House Speaker Kevin McCarthy has asked President Joe Biden for months to negotiate slashing the $31.5 trillion federal deficit before securing Republican support to raise the debt ceiling through March 31, 2024, or until the debt increases by $1.5 trillion. Democratic lawmakers, in response, demanded that the GOP leader provide a plan for what Republicans want to see on the chopping block.
After weeks of negotiations within his party, McCarthy finally passed a plan with a 217-215 vote Wednesday. The bill aims to cut much of federal spending to last year’s levels, including by placing a cap on subsequent budget growth at a 1 percent annual increase over the next decade. The measure also advances several Republican priorities, such as expediting new oil drilling projects and giving Congress a greater say to conduct oversight into the executive branch.
According to estimates by the nonpartisan Congressional Budget Office (CBO), the bill would reduce the national deficit by $4.8 trillion overall and decrease mandatory spending by a net $700 billion.
Four Republican lawmakers rejected the bill, including Representative Andy Biggs of Arizona, who said in a statement posted to Twitter that the Limit, Save, Grow Act didn’t go far enough to curb national debt.
