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Posts tagged as “Grow Act”

House Speaker McCarthy Unveils Proposal to Increase Debt Limit and Cut Government Spending Ahead of Summer Deadline

House Speaker Kevin McCarthy (R-Calif.) has proposed the Limit, Save, Grow Act, which would increase the debt limit by $1.5 trillion and cut government spending. The bill includes reclaiming unspent COVID-19 funds, cancelling student loan forgiveness, and rescinding new funding for the IRS. Talks between Speaker McCarthy and President Biden are expected to begin soon, as the summer deadline approaches, to avoid a potential default and its catastrophic economic consequences.