McCarthy unveils long-awaited GOP plan to raise debt limit, cut federal spending
The plan would rescind COVID-19, IRS money and block student debt forgiveness. House Speaker Kevin McCarthy on Wednesday unveiled a long-awaited GOP proposal to lift the debt limit and enact federal spending cuts. Speaking on the House floor, McCarthy outlined what's included in the so-called Limit, Save, Grow Act, designed to raise the debt limit into next year and also provide more than $4.5 trillion in savings. "The American people have elected a divided government, and our government is a divine compromise," McCarthy said. "That is why the House, the Senate and the White House should be negotiating a responsible debt limit increase right now." Speaker of the House Kevin McCarthy speaks in New York City, April 17, 2023. Brendan Mcdermid/Reuters, FILE The legislation would claw back unspent COVID-19 money, block federal student loan cancellation, rescind billions of dollars for the Internal Revenue Service provided by the Inflation Reduction Act, end gr...