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Punchbowl: GOP To Propose Raising Debt Limit By $1.5T Or Until March 31

US

Punchbowl News has reported that House Republicans are preparing to propose raising the federal debt limit by USD1.5 trillion or until March 31, 2024, "whichever comes first, according to multiple sources familiar with the emerging GOP bill."

  • House Speaker Kevin McCarthy (R-CA) told Punchbowl a short time ago that he plans to release the final text of the GOP debt limit bill today and bring the legislation to the floor of the House of Representatives next week.
  • A short-term debt ceiling hike may be designed to allow more time for negotiation if April tax receipts, released at 16:00 ET 21:00 BST today, undershoot expectations.
  • McCarthy will be hoping that passing a debt ceiling bill will be enough to force President Biden to the negotiating table but McCarthy can only stand to lose 4 Republican votes so passage of the bill is not guaranteed despite reports that McCarthy has packed the bill with legislation designed to appease the conservative bloc of his caucus.
  • Any Republican legislation will certainly be stonewalled in the Democrat-controlled Senate.
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