Republicans are starting to draw up a plan to raise the debt ceiling until May 2024 in exchange for reducing spending to FY 2022 levels.House leadership has informally begun to draw up a proposal to share with rank-and-file members when is back in session next week -- as Speaker and President Biden remain at an impasse over the debt ceiling and have not discussed it in over two months. In exchange for lifting the nation's borrowing limit beyond $31.4 trillion, Republicans would ask for rollbacks in spending and a limit to budget growth of 1 percent annually for the next decade, according to a report.
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