House Speaker Kevin McCarthy unveiled a sweeping package Wednesday that would raise the nation's debt limit by $1.5 trillion into next year while imposing a long list of Republican priorities, including new spending caps, work requirements for recipients of government aid and others that are sure to be nonstarters for the White House.
McCarthy announced that House Republicans were introducing their legislation just as President Joe Biden was taking the stage at a union hall in Maryland to warn of a looming fiscal crisis if Congress fails to take action to raise the debt ceiling to keep paying the nation's bills.
