Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.