McCarthy releases Republican bill to lift debt ceiling. It’s not clear it has the votes.
WASHINGTON — House Speaker Kevin McCarthy released a debt limit bill Wednesday that he hopes to pass with Republican support, triggering a frantic push to gather the votes in his narrow majority. “We are introducing the Limit, Save, Grow Act of 2023,” McCarthy, R-Calif., said on the House floor, adding that it would “responsibly raise the debt limit into next year” and save trillions of dollars. The proposal to avert default would be tied to conservative policies, including cutting federal spending to 2022 levels, limiting growth to 1% per year, repealing enhanced IRS enforcement funding, undoing President Joe Biden's federal student debt forgiveness and rescinding unspent pandemic relief funds, McCarthy said. McCarthy told reporters it would lift the debt ceiling by $1.5 trillion or extend it through March 31, “whichever comes first.” The 320-page bill, published moments after his speech, will be led by House Budget Committee Chair Jodey Arrington, R-Texas, he said. It's not...