House Republicans Propose Raising Debt Limit by $1.5 Trillion or Extending to March 31, 2024

Joshua Ramos
Source: NBC News

In what is a vital debate for the country’s economic state, US House Republicans have proposed raising the debt limit by $1.5 trillion or extending it until March 31, 2024. Moreover, the proposal calls for implementing whichever comes first, according to NBC reporter Jake Sherman.

The debt ceiling negotiations have become a focal point for the US economy. Subsequently, House Republicans have been seeking a new budget proposal from Democrats prior to settling a debt limit increase. Alternatively, recent developments have seen the former submit their proposal.

Republicans Officially Submit Debt Limit Proposal

Earlier this year, the US reached its debt ceiling of $31.4 trillion, resulting in understandable concern. Thereafter, a debate on Capitol Hill ensued, with both sides seeking a resolution on a new limit. Yet, with neither side seeking compromise, a catastrophic debt default loomed on the horizon.

Now, House Republicans have proposed raising the debt limit by $1.5 trillion or extending it to March 31, 2024. Conversely, the development comes after Speaker Kevin McCarthy stated the House Republicans would vote on their own debt ceiling bill this week.

“In the coming weeks, the House will vote on a bill to lift the debt ceiling into the next year,” McCarthy said on Monday. Yet, McCarthy added that “a no-strings-attached debt limit increase will not pass,” according to NBC. Specifically, McCarthy was referencing the necessity for President Joe Biden and Democrats to develop an effective approach to a new budget amidst a debt limit increase.

The specifics of the new debt limit bill are expected to be released today, according to Politico reporter Sarah Farris. Additionally, McCarthy expects the bill to pass amidst discussing the current debt negotiation standoff with the president.