House Republicans are fleshing out the details of a bill that would lift the debt limit through May 2024, cap discretionary spending and include other party economic priorities.
But as the conference begins to coalesce around the details of the legislation, there’s a debate brewing on how quickly the House needs to act. Some Republicans want to vote on a bill this month, while others are cautioning against setting self-imposed deadlines as they work through complex intraparty dynamics.
The Treasury Department has estimated it could run out of cash to continue paying debt obligations as early as June, although other experts have said the “x date” could come as late as September. The deadline is for a final bill that can get through both chambers and be signed into law, but the GOP measure is just an opening bid in negotiations they’re trying to jumpstart.
