House GOP Races to Ready Debt Ceiling Bill

Washington Post: “House Republicans are finalizing a proposal that would raise the debt ceiling for roughly one year while slashing federal spending and unwinding some of President Biden’s top priorities, including student debt cancellation.”

“The emerging GOP framework could raise the debt ceiling into 2024, covering roughly $2 trillion in spending … That proposal would reduce spending at federal health-care, education, science and labor agencies to levels adopted in the 2022 fiscal year, amounting potentially to a roughly $130 billion cut. Those agencies also would be subject to new spending caps.”