House Speaker Proposes Plan , to Raise US Debt Ceiling , and Avoid Default.<br />On April 18, U.S. House Speaker Kevin McCarthy unveiled <br />his plan to raise the nation's debt ceiling by $1.5 trillion <br />and cut spending by three times that amount.<br />On April 18, U.S. House Speaker Kevin McCarthy unveiled <br />his plan to raise the nation's debt ceiling by $1.5 trillion <br />and cut spending by three times that amount.<br />Reuters reports that the plan is likely <br />to result in a tense partisan debate over <br />government spending and borrowing. .<br />The proposal would reduce domestic <br />and military spending to 2022 levels, <br />while also capping growth at 1% annually. .<br />The plan would not impact retirement <br />or health programs projected to grow <br />significantly as the U.S. population ages. .<br />Reuters reports that while the proposal is likely to be <br />rejected by President Joe Biden and the Senate, <br />McCarthy believes it will create a basis for negotiations.<br />Reuters reports that while the proposal is likely to be <br />rejected by President Joe Biden and the Senate, <br />McCarthy believes it will create a basis for negotiations.<br />If the $31.4 trillion debt limit is not raised in <br />the coming weeks, the U.S. would end up in default, <br />which would have a broad impact on the global economy. .<br />McCarthy's plan would also repeal <br />green-energy incentives, while <br />boosting domestic oil and gas production.<br />McCarthy's plan would also repeal <br />green-energy incentives, while <br />boosting domestic oil and gas production.<br />Additionally, the plan would scrap <br />Biden's proposed $400 billion <br />student-loan forgiveness program.<br />While McCarthy's plan would lower spending by $4.5 trillion <br />over the next decade, it still falls short of compensating for <br />deficits projected to add $20 trillion over the same period.<br />While McCarthy's plan would lower spending by $4.5 trillion <br />over the next decade, it still falls short of compensating for <br />deficits projected to add $20 trillion over the same period.<br />President Biden has a choice: <br />Come to the table and stop playing <br />partisan political games, or cover his ears, <br />refuse to negotiate and risk bumbling his way <br />into the first default in our nation's history, Kevin McCarthy, Republican House Speaker, via Reuters.<br />President Biden has a choice: <br />Come to the table and stop playing <br />partisan political games, or cover his ears, <br />refuse to negotiate and risk bumbling his way <br />into the first default in our nation's history, Kevin McCarthy, Republican House Speaker, via Reuters
