- House Speaker Kevin McCarthy expects his debt limit bill to pass the House this week as key Senate Democrats are urging President Biden to meet with him and negotiate.
The legislation, formally titled the Limit, Save, Grow Act, would limit domestic spending growth by 1% per year and eliminate a host of green energy tax credits under the Democrats’ Inflation Reduction Act that passed last December in the Democratic Congress. It would extend the nation’s debt limit for one year.
The debt limit previously set by Congress has been reached, and the national debt is inching toward $32 trillion.
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