House Speaker Proposes Debt Ceiling Hike With Spending Cuts, Risks Being Left Out to Dry
- President Biden and Democrats refuse to negotiate budget cuts in exchange for raising the debt limit.
- Kevin McCarthy's proposal aims to raise the debt ceiling by $1.5 trillion for a year in exchange for $4.5 trillion in spending cuts targeting Biden's agenda.
- The White House maintains it will not negotiate and Congress should pass a clean debt limit increase to avoid default.
- McCarthy hopes to bring the White House to the table, but it's unclear if he has enough votes to pass the bill in the House or if it would survive the Senate.
- Some House Republicans support McCarthy's plan, but conservatives say they won't back down on spending cuts, leaving McCarthy to potentially turn to Democrats.
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