House GOP leaders are discussing a plan to lift the debt limit until May 2024, as they build their debt-ceiling legislative plan.
The plan will be shared with House members when Congress comes back in session next week, but it will be a “GOP wish list” with little chance of passing the Senate, Punchbowl News reported.
The debt-limit legislative plan put forth by House GOP leaders will consider a cap on discretionary spending, with one being considered at $584 billion for nondefense discretionary spending excluding Veterans Affairs programs, according to the report.
The plan, led by Rep. Garret Graves, R-La., as directed by House Speaker Kevin McCarthy, R-Calif., will seek to limit budget spending to a 1% raise annually for 10 years.
Among the other features, Punchbowl reported:
- Pull back unspent COVID-19 pandemic funds.
- Stop student debt forgiveness.
- Repeal some green tax credits.
- Work requirements for social programs.
- Pass House GOP energy plan (HR 1).
- Pass REINS Act, which aims at curbing government regulation.
The proposals are what the House GOP will use as a starting point for negotiations with President Joe Biden on raising the debt limit.
McCarthy is heading to New York on Monday for a 10 a.m. speech on the debt limit at the New York Stock Exchange, where Punchbowl News suggests he will try to invoke former President Ronald Reagan’s 1985 speech to Wall Street.
“It’s time, too, that government got off its present spending spree before it squanders our future prosperity. Senate Republicans are trying to put together a package of genuine spending reductions, and they’re going to need all of our support and encouragement in the coming weeks,” Reagan said then. “With tax reform and budget control, our economy will be free to expand to its full potential, driving the bears back into permanent hibernation. That’s our economic program for the next four years. We’re going to turn the bull loose.”
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