Name: House GOP Unveils Debt Limit Bill, Proposes $1.5 Trillion Debt Ceiling Increase
Uploaded: 2023-04-20T14:24:44.000Z
Description: Republicans have introduced legislation to increase the nation’s debt ceiling by $1.5 trillion or until March 31, 2024, whichever comes first.

Cary Dunst is the news anchor for NTD Evening News. He is also the co-host of NTD Good Morning.


Cary Dunst

NTD Plus

News

We present news that is truthful and based on facts, outside of the political fog. Instead of focusing on the negative things happening around us, our mission is to give our viewers a good morning with empathetic and uplifting stories. Our aim is to provide an antidote to negativity by shining a light on the best side of people. We speak to inspiring people who positively impact communities, pursue topics that represent our common human values, and will never miss an opportunity to bring you heartwarming stories.

NTD Good Morning

Trump Primarying Unaligned Republicans to Weed Them Out, Says GOP Strategist

CIA Director’s Rare Visit to Cuba ‘Sending a Signal’ That the US is Countering Cuban Intelligence Operations: Analyst

Stefania Cox is an NTD News anchor and national correspondent based at the network's global headquarters in New York City. Stefania anchors "NTD Newsroom," and co-anchors "NTD News Today" weekdays at 10:00 am ET.

Stefania Cox

China Took From the World, Invested in Capabilities to Threaten the World: Expert

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


NTD Newsroom

Hegseth Welcomes USS Gerald R. Ford Home to Virginia

Iraqi Man Charged for Plotting Terror Attacks in US, Europe​, and Canada

Melina Wisecup is NTD's congressional correspondent based in Washington, covering Capitol Hill and campaign politics.

Melina Wisecup

Trump Calls on Kentucky Voters to Oust Rep. Massie

Highlights of Rededicate 250: Affirming America as ‘One Nation Under God’

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

US News

Teenagers Arrested in Random Shootings Across Austin That Left 4 Injured

Sean Marshall is a reporter based at NTD's global headquarters in New York City, primarily covering business and technology trends. 

Sean Marshall

Talks to End a Strike Shutting Down LIRR Will Resume Monday

Jack Phillips is a breaking news reporter with 15 years experience who started as a local New York City reporter. Having joined The Epoch Times' news team in 2009, Jack was born and raised near Modesto in California's Central Valley. 

Jack Phillips

Health News

US Issues Travel Advisories Over Ebola Outbreak in Congo

NTD Good Morning Full Broadcast (May 18)

Accommodating, Enabling China’s Regime a Failed Strategy: China Expert

NTD Good Morning Full Broadcast (May 15)

NTD Good Morning Full Broadcast (May 14)

Kevin Hogan is an NTD News data reporter and national correspondent based at the network's global headquarters in New York City. Kevin covers breaking news, as well as U.S. and global current events. He conveys the news through data visualizations and investigates pressing issues.

Kevin Hogan

NTD Good Morning Full Broadcast (May 13)

NTD Good Morning Full Broadcast (May 12)

President Trump Leaves for China Today; Calif. Mayor to Plead Guilty to Acting as CCP Agent | NTD Good Morning (May 12)

NTD Good Morning Full Broadcast (May 8)

NTD Good Morning Full Broadcast (May 7)

NTD Good Morning Full Broadcast (May 6)

Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 8 p.m. ET.

China in Focus

China Sends Warships to Pacific Drill as Tensions With Japan Rise

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

2 US Embassy Personnel Assigned to Cartel Case Killed in Car Accident

Gunman Kills 8 Children, Including 7 of His Own, in Louisiana Mass Shooting

Flora Hua is a reporter based at NTD's global headquarters in New York City, where she covers China news, U.S.-China relations, and human rights issues. Flora primarily contributes to NTD's "China in Focus."  

Flora Hua

Trump: Seized Iranian Ship May Have ‘A Gift From China’

Joseph Lord is a congressional reporter for The Epoch Times.


Joseph Lord

Aldgra Fredly is a freelance writer covering U.S. and Asia Pacific news for The Epoch Times.

Aldgra Fredly

Former NYC Mayor Rudy Giuliani Hospitalized in Critical Condition: Spokesman

Wildfires Across Georgia and Florida Have Destroyed Nearly 50 Homes and Are Forcing Evacuations

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

US Warns of China Hacks via Routers, Smart Devices

Juliet Song is an international correspondent exclusively covering China news for NTD. She primarily contributes to NTD's "China in Focus," covering U.S.-China relations, the Chinese regime's human rights abuses, and domestic unrest inside China.

Juliet Song

2 Americans Among Suspected Communist Rebels Killed in Clashes With Troops, Philippine Officials Say

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

3 Dead in Suspected Hantavirus Outbreak on Cruise Ship in Atlantic Ocean: WHO

Republicans have introduced legislation to increase the nation’s debt ceiling by $1.5 trillion or until March 31, 2024, whichever comes first.

At the same time, the bill would return discretionary spending to 2022 levels, limit spending growth to 1 percent per year, take back unspent COVID-19 relief funds, repeal certain tax credits, reinstate work requirements for many people on public assistance, and remove barriers to increased production of domestic energy.

If passed, the <a href="https://www.documentcloud.org/documents/23783980-lsga_xml?responsive=1&title=1">Limit, Save, Grow Act of 2023</a> would allay concerns about a possible default on U.S. obligations but push a more permanent resolution of the debt crisis into the election season.
<h2>Passage Uncertain</h2>
McCarthy reportedly intends to bring the bill to a vote sometime next week. It is unclear if the Republicans can muster the 218 votes needed for passage in the narrowly divided House.

While Rep. Jodey Arrington (R-Texas), chair of the House Committee on the Budget, has been hammering out the details of the bill, some in the party have said gaining passage of any fiscal proposal will be difficult in the narrowly divided 118th Congress.

“It’s not going to be easy. Every dollar spent has an advocate up here,” Rep. Ralph Norman (R-S.C.) said in an April 18 interview with NTD, sister media to The Epoch Times.

The budget committee has fielded more than 500 amendments offered by House members, suggesting cuts to each agency, according to Norman.
<h2>Biden Reaction</h2>
The president sharply criticized the Republican plan based on details revealed in a speech McCarthy gave at the New York Stock Exchange on April 17.

Speaking to a group of union workers in Accokeek, Maryland, President Joe Biden said, “I'm here in this union hall with you while just two days ago, the Speaker of the House Kevin McCarthy went to Wall Street to describe the MAGA economic vision for America.”

Contrasting his economic vision with that of Republicans, the president said their plan would entail deep cuts to federal programs that benefit average Americans while preserving tax breaks for wealthy people.

“It will destroy this economy,” Biden said. “And who do you think it will hurt the most? You hard-working people in the middle class.”

Democrats have said achieving the spending reductions Republicans seek will require a 22 percent cut in discretionary spending, resulting in higher costs for students, the loss of childcare for thousands of families, reductions in services for veterans and senior citizens, and the loss of food assistance for 10 million people—including 4 million children.
<h2>Resume Talks</h2>
Apparently hoping to prod Democrats into negotiating over Republicans’ spending demands, McCarthy has portrayed Senate Majority Leader Chuck Schumer (D-N.Y.) as “missing in action” and said that Biden is ignoring the debt problem.

The United States reached its statutory $31.4 trillion debt ceiling in January but did not exceed it thanks to extraordinary measures taken by the Treasury. Those measures will be exhausted by late summer, according to recent estimates.

Because the country operates on a deficit budget, borrowing is necessary to continue funding the operation of the government.

McCarthy has insisted that Congress will not pass an increase in the borrowing limit without a concurrent agreement by Democrats to cut future federal spending. The speaker has been frustrated for weeks by the president’s refusal to negotiate.

Biden has insisted that budget discussions must be separate from an increase in the debt ceiling, which enable the government to pay for obligations already approved by Congress.

The president has rebuffed McCarthy's requests for a meeting, saying it would be pointless to talk about spending cuts before Republicans list their proposed reductions.

Biden released his 2024 budget proposal on March 9.

“Now that we've introduced a clear plan for a responsible debt limit increase, they have no more excuse and refuse to negotiate,” McCarthy said.

“President Biden has a choice. Come to the table and stop playing partisan political games, or cover his ears refused to negotiate and risk bumbling his way into the first default in our nation's history.”

<em>From <a href="https://www.theepochtimes.com/house-gop-unveils-debt-limit-bill-proposes-1-5-trillion-debt-ceiling-increase_5206496.html">The Epoch Times</a></em>

Videos

Business News

Politics

01_Lead Story

04_Top Stories

house republicans

Latest Clips

Management

Jeremy Sandberg is an international correspondent for NTD News. He primary covers geopolitics, foreign affairs, and U.S. domestic politics. 

Jeremy Sandberg

02_Second Lead

House Speaker Kevin McCarthy

US debt ceiling

Lawrence Wilson covers politics for The Epoch Times.

Lawrence Wilson

Congress

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.