McCarthy Introduces Proposal to Increase US Debt Limit by $1.5 Trillion.
Speaker of the US House of Representatives Kevin McCarthy presented a package of measures, including raising the ceiling of the US national debt by $1.5 trillion, as well as reducing budget spending.
And the Speaker of the House of Representatives told Parliament on Wednesday that the plan calls for setting budget spending at the level of fiscal year 2022, which began October 1, and limiting spending growth to 1% annually. .
The plan also includes the return of funds allocated for the fight against coronavirus that were not spent in the budget, the repeal of the law on financing the Internal Revenue Service, the reversal of the decision of US President Joe Biden to write off debts on loans to pay for universities. , as well as the abolition of tax incentives provided under the Inflation Reduction Act.
The House of Representatives is expected to vote on the plan next week, but observers believe the Democratic-controlled Senate will not support the plan.
Earlier, President Biden said he did not intend to discuss the terms of raising the national debt ceiling, and the Democrats insisted on the approval of raising the national debt ceiling without cutting spending.
It is worth noting that the US government debt ceiling is currently set at $31.4 trillion.
And the US Treasury has been taking action since January last year to avoid a default at a time when US debt is nearing its ceiling. Treasury Secretary Janet Yellen called on Congress to raise or suspend the national debt ceiling.
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