WASHINGTON (OSV News) — House Republicans on April 26 voted to pass House Speaker Kevin McCarthy’s legislation to raise the debt ceiling through 2024 and cut government spending, but the bill is seen as dead on arrival in the Senate and is opposed by the White House. The debt ceiling is a limit on the total amount of money that the federal government is authorized to borrow in order to fulfill its financial obligations. The nation could hit its current borrowing limit as soon as this summer. If it were to be enacted, the House GOP package would raise the nation’s $31.4 trillion debt limit by an additional $1.5 trillion, but also includes spending cuts and policy changes sought by Republicans. But President Joe Biden and Democrats argue the debt limit should be raised in a “clean” bill with no strings attached so the United States does not risk defaulting on its debt in the coming months.
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