President Joe Biden is already set to veto a bill favored by House Speaker Kevin McCarthy (R-Calif.) to pair spending cuts with an increase to the federal debt limit.
Last week, House Republicans released their plan for a debt limit increase—the Limit, Save, Grow Act of 2023. The Republican bill allows the United States to add up to $1.5 trillion in additional debt until March 31, 2024. In exchange, Republicans say the legislation would provide more than $4.5 trillion in savings to American taxpayers.
