WASHINGTON — House Republicans are divided over the best mechanism for extending the debt limit deadline and how deep to cut spending in their nascent plan.
Speaker Kevin McCarthy and his leadership team presented the current outline of their debt limit proposal in a closed-door conference meeting Tuesday morning, but the feedback members provided shows the party is far from uniting around a single bill.
The plan includes capping fiscal 2024 discretionary spending at fiscal 2022 levels and limiting annual growth to 1 percent for the remainder of the decade; canceling President Joe Biden’s student loan forgiveness plan; clawing back unspent pandemic aid; parts of a House-passed energy package; and a measure requiring congressional authorization for major administration regulatory initiatives.
