Chinese 100, 50, 20, 10 and 5 yuan bills and Russian 1,000 and 100 ruble bills - Sputnik International, 1920
Economy
Get breaking stories and analysis on the global economy from Sputnik.

McCarthy: Republicans Introducing Plan to Raise US Debt Limit Into 2024, Cut Spending

© AP Photo / Jose Luis MaganaNewly-elected Speaker of the House Kevin McCarthy, R-Calif., talks to reporters after a contentious battle to lead the GOP majority in the 118th Congress, at the Capitol in Washington, Saturday, Jan. 7, 2023.
Newly-elected Speaker of the House Kevin McCarthy, R-Calif., talks to reporters after a contentious battle to lead the GOP majority in the 118th Congress, at the Capitol in Washington, Saturday, Jan. 7, 2023. - Sputnik International, 1920, 19.04.2023
Subscribe
WASHINGTON (Sputnik) - US House Republicans are introducing legislation to raise the United States’ debt limit into 2024 and reduce government spending in an effort to address the nation’s rising deficit, US House Speaker Kevin McCarthy said on Wednesday.
"Today, I’m proud to announce that we are introducing the Limit, Save, Grow Act of 2023. This responsible legislation will be led by our budget chairman, Jodey Arrington, would responsibly raise the debt limit into next year and provide more than $4.5 trillion in savings to the American taxpayers," McCarthy said during remarks on the proposal.
The plan involves finding areas of government spending to cut, recovering unspent COVID-19 relief funds and prohibiting US President Joe Biden’s student debt relief proposal.
The plan will also address inflation and US dependency on China, McCarthy said.
The Republican plan comes amid stalled talks between McCarthy and Biden on raising the debt ceiling.
A U.S. flag waves outside the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are drifting between small gains and losses in the early going on Wall Street Tuesday, May 3, 2022 as investors await Wednesday's decision by the Federal Reserve on interest rates. The Fed is expected to raise its benchmark rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high. - Sputnik International, 1920, 17.03.2023
Analysis
Recession, Insolvency, Derivative Risks: Why Looming US Crisis Could be Worse Than in 2008
Democrats no longer have an excuse not to negotiate a responsible debt ceiling increase now that Republicans have provided a plan, McCarthy said.
Earlier on Wednesday, US media reported that the Republican plan will raise the debt limit by $1.5 trillion or through March 31, 2024 – whichever comes first.
A "no-strings-attached" debt limit increase would not get past House Republicans, McCarthy said on Monday.
Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала