Republicans hope McCarthy's bill gives him leverage in debt ceiling standoff

President Joe Biden and Speaker of the House Kevin McCarthy walk outside the U.S. Capitol at a Saint Patrick's Day event in March. The two haven't discussed the debt ceiling since February. (Chip Somodevilla/Getty Images)

With the clock ticking on the debt ceiling debate, House Republicans have narrowly passed a bill that they hope will bring President Biden to the negotiating table.

The bill would raise the debt ceiling while cutting federal spending — things Democrats are vehemently opposed to linking — and threatens to unravel parts of Biden's domestic agenda.