United States House of Representatives Speaker Kevin McCarthy has unveiled a bill that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the federal debt limit.The newly revealed plan lays out McCarthy’s opening position in what is likely to be a tense partisan debate over government borrowing. Here is a summary of what was released on Wednesday:McCarthy’s bill would suspend the nation’s borrowing limit, currently at $31.4 trillion, until March 31, 2024 or until it increases by another $1.5 trillion — whichever comes first.
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