House Republicans on Wednesday approved a bill to #raise the #debt #ceiling into next year, #slash #federal #spending by billions of dollars and #unwind some of President #Biden’s #priorities and recent legislative #accomplishments, including his program to cancel college student debt.
The outcome marked an escalation in the #standoff between the House Speaker Kevin #McCarthy (R-Calif.) and #Biden, as Republican leaders hardened in their resolve to exploit a key #fiscal #deadline for political leverage — even at the risk of causing the U.S. government to #default.
One week after unveiling the so-called Limit, Save, Grow Act, Republicans brought the measure to the House floor and embarked on what proved to be a #raucous #debate. For McCarthy, the process proved precarious, forcing him to make late changes to the legislation to assuage about a dozen moderate and conservative holdouts.
https://www.washingtonpost.com/business/2023/04/19/debt-ceiling-limit-republican-plan-explained/