After days of political wrangling, House Republicans voted to pass their sprawling debt limit bill. The bill, which passed 217 to 215, will lift the debt limit by $1.5 trillion in exchange for saving $4.5 trillion by capping spending at fiscal year 2022 levels in 2024. It will also limit growth to 1 percent per year. After reducing spending to FY 2022 levels, which would be a $131 billion cut from current levels, the also caps on overall discretionary spending or non-defense discretionary spending.
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